Arizona Senator Introduces A Bill Again To Make Bitcoin Legal Tender• January 30, 2023 3:48 pm • Comments
Earlier last year, Arizona state senator Wendy Rogers introduced a new bill that proposed to make Bitcoin legal tender within the state of Arizona.
Unfortunately, that bill was unsuccessful and was unable to actually pass, but it seems that Rogers has decided to introduce a new set of bills to once again try to make this a reality.
The new legislation aims to allow the digital asset to be used for a variety of different use cases such as paying taxes, debts, and other payments one may make to the government.
The purpose is to essentially give Bitcoin the same use cases that one would have with the US dollar which is what would make Bitcoin truly a legal tender.
Whether or not this second set of bills will be able to gain more support this time is unknown, but it indicates that there is a possibility that this could happen in some states in the future.
— Bitcoin Archive (@BTC_Archive) January 25, 2023
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 is more broad, saying 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 the second time that Sen. Rogers has introduced a bill aimed at making bitcoin legal tender in her state. She introduced the same amendment in January 2022, which died by the second reading.
Investors are more hopeful that Bitcoin will be considered legal tender for a state first which will eventually entice other states to do the same.
Of course, it is definitely a long way from the likes of El Salvador which became the first nation in the world to adopt Bitcoin as legal tender.
In the future, El Salvador will likely be considered the prime example that show cases the benefits of adoption crypto as legal tender.
So far, the country has attracted a lot more investment capital due to its pro-crypto stance despite many government agencies criticizing the country for its decision.
As time goes on, the likelihood of a bill passing in a US state will only increase over time as it gains more support due to mainstream adoption.
— BTC Times (@btc) January 25, 2023
Rogers’ Republican colleagues Jeff Weninger and J.D. Mesnard co-sponsored the bills. If all her fellow party members get behind the bill, it could pass without Democrat support as Republicans hold a slim majority in the state senate.
If passed, the bill would make Arizona the first U.0.S state to give Bitcoin the same legal status as the dollar.
Only a few places in the world have taken the step to make the cryptocurrency an officially accepted currency.
El Salvador was the first country to take the step in 2021, followed by the Central African Republic last year.
Earlier this week, Coinbase CEO Brian Armstrong suggested that Brazil and Argentina, which are mulling the creation of a common currency, could consider using Bitcoin as legal tender.
— Crypto News Flash Deutsch (@FlashDeutsch) January 26, 2023
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