- Arizona Senator Introduces Bills to Make Bitcoin Legal Tender – Arizona state senator Wendy Rogers has introduced a set of bills that would recognize bitcoin as a legal form of currency in the state.
- Details of the Bills – The bills define bitcoin, and allow for state agencies to accept it as payment for taxes, fees and other financial obligations.
- Growing Interest in Bitcoin Adoption – Recent actions in states like Texas, New Hampshire, Missouri and Mississippi indicate increasing U.S. state interest in bitcoin and its benefits.
Arizona Senator Introduces Bills to Make Bitcoin Legal Tender
State Sen. Wendy Rogers (R-AZ) has introduced a set of bills aimed at making bitcoin legal tender in Arizona and allowing state agencies to accept bitcoin. The proposed legislation aims to recognize bitcoin as a legal form of currency in Arizona, allowing it to be used to pay for debts, taxes and other financial obligations. This would mean that all transactions that are currently done in U.S. dollars could potentially be done with bitcoin, and individuals and businesses would have the option to use bitcoin as they see fit.
Details of the Bills
Specifically mentioning bitcoin alone, the legal tender bill defines bitcoin as “the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain and new units of currency are generated by the computational solution of mathematical problems and that operates independently of a central bank.” The acceptance bill is more broad, saying that “A state agency may enter into an agreement with a cryptocurrency issuer to provide a method to accept cryptocurrency as a payment method of fines, civil penalties or other penalties, rent, rates, taxes, fees, charges, revenue financial obligations and special assessments to pay any amount due to that agency or this state.”
Previous Attempts at Making Bitcoin Legal Tender
This is the second time that Sen. Rogers has introduced a bill aimed at making bitcoin legal tender in her state. She introduced the same amendment in January 2022 which died by the second reading.
Growing Interest In Bitcoin AdoptionAlthough it may appear there are slim chances of the bill passing this time El Salvador’s adoption of bitcoin as legal tender has proven to be a boon for growth and investment in the country .Recent actions in states like Texas ,New Hampshire ,Missouri And Mississippi all indicate increasing U .S .state interest In Bitcoin And Its Benefits .As Bitcoin adoption strengthens ,the likelihood Of Such bills Passing will only Increase .
Sen .Rogers’ introduction Of these two bills shows growing support For making Bitcoin A legally recognized form Of Currency In Arizona .It also points To Increasing U .S State Interest In accepting Cryptocurrency payments As well As Growing Investment Opportunities From doing so