North Carolina Governor Pat McCrory recently signed into law a new bill that expands the Money Transmitters Act to include virtual currency. The law defines virtual currency as a "medium of exchange," but not as currency, according to a report by Econo Times.

The legislation, H.B. 289, defines virtual currency as, "A digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but only to the extent defined as stored value under G.S. 53-208.42(19), but does not have legal tender status as recognized by the United States Government."

Bitcoin advocates have mixed opinions on the new regulation. Jerry, Brito, director of Coin Center, said, "While aspects of SB 680 may provide direction for some players in the space, it falls way short of broad clarity necessary for continued innovation for the entire ecosystem."

However, Perianne Boring, president of the Chamber of Digital Commerce, said the bill represented a "big step forward" and that it "adds more clarity than any other state by a long shot."