• Sen. Wendy Rogers (R-AZ) has introduced bills that would make bitcoin legal tender in Arizona, allowing it to be used to pay for debts, taxes and other financial obligations.
• The proposed legislation defines bitcoin as a decentralized, peer-to-peer digital currency with no central bank. It also allows state agencies to accept cryptocurrency as payment for fines, taxes and other fees.
• El Salvador’s adoption of bitcoin as legal tender has spurred investment in the country and similar bills have been introduced in states such as Texas, New Hampshire, Missouri and Mississippi.
Sen. Wendy Rogers’ Proposed Bills
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 bitcoin. The proposed legislation aims to recognize bitcoin as a legal form of currency in Arizona, allowing it to be used to pay for debts, taxes and other financial obligations. This would mean that all transactions that are currently done in U.S. dollars could potentially be done with bitcoin, and individuals and businesses would have the option to use bitcoin 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 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.”
Previous Attempts at Legalization
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 but it died by the second reading.
Increasing U.S State Interest
El Salvador’s adoption of bitcoin as legal tender has proven beneficial for growth and investment in the country while recent actions from states like Texas, New Hampshire Missouri Mississippi indicate increasing U.S interest in cryptocurrency benefits As such adoption strengthens legislative efforts are likely pass more frequently