• Arizona state Senator Wendy Rogers has introduced a set of bills to make bitcoin a legal tender and allow state agencies to accept it as payment.
• The bills define bitcoin as a “decentralized, peer-to-peer digital currency” and the acceptance bill allows payment of fines, taxes, fees and other financial obligations in cryptocurrency.
• El Salvador’s recent adoption of bitcoin as legal tender has encouraged more US states to explore its potential benefits.
Arizona State Seeks to Make Bitcoin Legal Tender
State Sen. Wendy Rogers (R-AZ) has introduced a set of bills aimed at making bitcoin legal tender in Arizona and allowing state agencies to accept it. The proposed legislation would recognize bitcoin as a form of currency that can be used for debts, taxes and other financial obligations, giving individuals and businesses the option to use it as they see fit.
Definition of Bitcoin
Specifically mentioning bitcoin alone, the legal tender bill defines bitcoin as “the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain and new units of currency are generated by the computational solution of mathematical problems and that operates independently of a central bank.”
The acceptance bill states that “A state agency may enter into an agreement with a cryptocurrency issuer to provide a method to accept cryptocurrency as a payment method of fines, civil penalties or other penalties, rent, rates, taxes, fees, charges, revenue, financial obligations and special assessments to pay any amount due to that agency or this state.”
This is not the first time Sen. Rogers has tried introducing such legislation; she attempted something similar back in January 2022 but it was unsuccessful after its second reading. However recent actions taken by states like Texas have shown increasing interest in exploring the potential benefits offered by cryptocurrencies such as Bitcoin.
It remains uncertain if these bills will pass this time around but El Salvador’s adoption of Bitcoin could act as an encouragement for more US states considering its potential benefits for growth and investment opportunities.