State Sen. Wendy Rogers (R-AZ) has launched a set of payments aimed toward making bitcoin legal tender in Arizona and permitting state agencies to accept bitcoin.
The proposed laws goals to acknowledge bitcoin as a authorized type of foreign money in Arizona, permitting it for use to pay for money owed, taxes and different monetary obligations. This may imply that each one transactions which are at present completed in U.S. {dollars} may probably be completed with bitcoin, and people and companies would have the choice to make use of bitcoin as they see match.
Particularly mentioning bitcoin alone, the authorized tender invoice defines bitcoin as, “the decentralized, peer-to-peer digital foreign money by which a document of transactions is maintained on the Bitcoin blockchain and new items of foreign money are generated by the computational answer of mathematical issues and that operates independently of a central financial institution.”
The acceptance invoice is extra broad, saying that, “A state company might enter into an settlement with a cryptocurrency issuer to supply a way to simply accept cryptocurrency as a cost technique of fines, civil penalties or different penalties, lease, charges, taxes, charges, prices, income, monetary obligations and particular assessments to pay any quantity attributable to that company or this state.”
That is the second time that Sen. Rogers has launched a invoice aimed toward making bitcoin authorized tender in her state. She launched the identical modification in January 2022, which died by the second studying.
Though it might seem there are slim possibilities of the invoice passing this time, El Salvador’s adoption of bitcoin as authorized tender has confirmed to be a boon for growth and investment within the nation. Latest actions in states like Texas, New Hampshire, Missouri and Mississippi all point out growing U.S. state curiosity in bitcoin and its advantages. As bitcoin adoption strengthens, the probability of such payments passing will solely enhance.
