State Sen. Wendy Rogers (R-AZ) has launched a set of payments geared 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 is able to imply that each one transactions which are at the moment finished in U.S. {dollars} may probably be finished 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 wherein 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 could enter into an settlement with a cryptocurrency issuer to supply a technique to just accept cryptocurrency as a cost methodology of fines, civil penalties or different penalties, lease, charges, taxes, charges, expenses, income, monetary obligations and particular assessments to pay any quantity on account of that company or this state.”
That is the second time that Sen. Rogers has launched a invoice geared 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 probabilities 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 improve.
