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 forex in Arizona, permitting it for use to pay for money owed, taxes and different monetary obligations. This could imply that every one transactions which are at the moment accomplished in U.S. {dollars} may probably be accomplished 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 forex during which a file of transactions is maintained on the Bitcoin blockchain and new items of forex are generated by the computational resolution 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 methodology of fines, civil penalties or different penalties, lease, charges, taxes, charges, prices, income, monetary obligations and particular assessments to pay any quantity because of 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 could 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. Current actions in states like Texas, New Hampshire, Missouri and Mississippi all point out rising U.S. state curiosity in bitcoin and its advantages. As bitcoin adoption strengthens, the chance of such payments passing will solely enhance.
