Arizona Bill Seeks to Make Bitcoin Legal Tender

• Senator Wendy Rogers of Arizona has introduced a bill that seeks to make Bitcoin legal tender in the state.
• If the bill passes, it would mandate the acceptance of Bitcoin as a legal currency for the settlement of debt and exchange for goods and services in Arizona.
• This is the second time Senator Rogers is pushing for Bitcoin to be legal tender in Arizona, as she introduced a similar bill in January 2020.

Senator Wendy Rogers of Arizona has recently proposed a bill that aims to make Bitcoin legal tender in the Grand Canyon State. According to the bill, Bitcoin is defined as a „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“. If the bill becomes law, it would mandate the acceptance of Bitcoin as a legal currency for the settlement of debt and exchange for goods and services in Arizona. This would affect both businesses and individuals within the state, leading to more publicity for the firstborn crypto.

However, the bill does not include other cryptocurrencies. This is the second time Senator Rogers is pushing for Bitcoin to be legal tender in Arizona. In January 2020, she introduced a similar bill, but it did not pass the second hearing. Senator Rogers‘ determination to make Bitcoin legal tender in the state is further enhanced by the introduction of a secondary bill that addresses payments in cryptocurrencies for state agencies. The secondary bill stipulates the right of a state agencies to make a deal with an entity that issues cryptocurrency. The agreement would authorize the state to accept cryptocurrency as payment for fines, penalties, rent, taxes, fees, and other financial obligations.

If the bill passes, it would make Arizona the third state in the US to legalize Bitcoin as a legal means of payment, following El Salvador and the Central African Republic. This is a huge step towards cryptocurrency becoming a widely accepted form of payment, as it would potentially encourage other states to consider the same. Moreover, the move would make Arizona a hub for blockchain development and cryptocurrency innovation, bringing in more opportunities for the state.

Overall, Senator Rogers‘ efforts to make Bitcoin legal tender in the state of Arizona could be a game changer for the world’s largest cryptocurrency, and potentially the entire crypto market. It remains to be seen if the bill will pass, but the possibility of it becoming law is a positive sign for the future of cryptocurrency.