State Senator 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, so it can be used to pay debts, taxes and other financial obligations. This means that all transactions currently carried out in US dollars can be done in bitcoin, and individuals and businesses have the option to use bitcoin as they wish.
Specifically mentioning bitcoin itself, the legal tender bill defines bitcoin as, “a decentralized peer-to-peer digital currency in which transaction records are stored in the Bitcoin block and new currency units are created by computational solutions to mathematical problems. and which operate independently of banks central.
A broader acceptance bill, says that, “A state body can enter into an agreement with the cryptocurrency issuer to provide a way to accept cryptocurrency as a payment method of fines, civil fines or other penalties, rent, rates, taxes, fees. , costs, revenue, financial obligations and special assessments to pay any amount due to that agency or this state.
This is the second time Sen. Rogers introduced a bill aimed at making bitcoin legal tender in his country. He introduced a similar amendment in January 2022, which died on second reading.
Although there appears to be a slim chance 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 point to increasing US state interest in bitcoin and its benefits. As bitcoin adoption strengthens, the likelihood of these bills will only increase.