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State Senator Wendy Rogers (R-AZ) has introduced a set of bills that aim to make bitcoin legal tender in Arizona and allow state agencies to accept bitcoins.
The proposed law aims to recognize bitcoin as a legal form of currency in Arizona, allowing it to be used to pay debts, taxes and other financial obligations. This means that all transactions currently conducted in US dollars can potentially be carried out with bitcoins, and individuals and businesses will have the option to use bitcoins however they see fit.
Specifically mentioning bitcoin only, the legal tender bill defines bitcoin as, “a decentralized peer-to-peer digital currency in which transaction records are maintained on the Bitcoin blockchain and new units of currency are generated by the computational solution of mathematical problems and which operate independently of banks. central.”
The bill of acceptance is broader, saying that, “A state agency may enter into an agreement with a cryptocurrency issuer to provide a method for accepting cryptocurrency as a method of payment of fines, civil penalties or other penalties, rents, rates, taxes, fees, fees, income. , financial obligations and special judgments to pay any amount due to such agency or this state.”
This is the second time Senator Rogers has introduced legislation aimed at making bitcoin legal tender in his state. He introduced the same amendment in January 2022, which died on the second reading.
While there appears to be a slim chance of passing the bill this time around, El Salvador’s adoption of bitcoin as legal tender has proven to be a boon for growth and investment in the country. Recent actions in states such as Texas, New Hampshire, Missouri, and Mississippi have all demonstrated increased US state interest in bitcoin and its benefits. As bitcoin adoption strengthens, the likelihood of passing such a bill will only increase.
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