State Sen. Wendy Rogers (R-AZ) has introduced a set of bills aimed at creating Bitcoin legal tender In Arizona and permits. Government Agencies Accept Bitcoin.
The proposed legislation aims to recognize bitcoin as a legal tender in Arizona, allowing it to be used to pay debts, taxes and other financial obligations. This would mean that all transactions that are currently done in US dollars could potentially be done with Bitcoin, and individuals and businesses would have the option to use Bitcoin as they see fit.
Referring specifically to bitcoin alone, the legal tender bill defines bitcoin as, “a decentralized, peer-to-peer digital currency in which transactions are recorded on the bitcoin blockchain and the new currency Units are created by computationally solving mathematical problems, and it operates independently of the central bank.
The acceptance bill is more broad, stating, “A state agency may enter into an agreement with a cryptocurrency issuer as a method of payment of fines, civil penalties or other penalties, rents, rates, taxes, fees to provide a method of accepting crypto-currency, charges, revenue, financial obligations and special assessments for the payment of any amount to that agency or to that state.
it is second time That Sen. Rogers has introduced a bill aimed at making Bitcoin legal tender in his state. He introduced the same amendment in January 2022, who died From the second reading.
Although the bill seems unlikely to pass this time around, El Salvador’s adoption of bitcoin as legal tender has proven to be a legacy. Development And investment in the country. Recent initiatives in states viz Texas, New Hampshire, Missouri and Mississippi All point to the growing interest of the US state in Bitcoin and its benefits. As Bitcoin adoption strengthens, such bills will become more likely to pass.
#Arizona #Bitcoin #Legal #Tender #Bill #Introduced #Bitcoin #Magazine