US Senator Presents Bill to Make Bitcoin Legal Tender in Arizona

This would mark the second time Senator Rogers is looking to make Bitcoin legal tender in the state.

Senator Wendy Rogers, a U.S. senator for the state of Arizona, has introduced a bill that seeks to make Bitcoin legal tender in Arizona, the Grand Canyon State. The policy, which would make Bitcoin a legal means of payment for goods and services in the state, will see Arizona follow in the footsteps of countries such as El Salvador and the Central African Republic.

The bill describes 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.”

If it passes, the bill 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 encompass both businesses and individuals within the state, leading to more publicity for the firstborn crypto. However, the bill does not mention other cryptocurrencies.

This would mark the second time Senator Rogers is pushing to make Bitcoin legal tender in Arizona, as she introduced a similar bill in January of last year. Nonetheless, Rogers’ bill did not make it through to the second hearing then. This second attempt underscores the 68-year-old’s dedication to this cause.

This time around, Rogers further introduced a secondary bill that also addresses payments in cryptocurrencies for state agencies. The secondary bill stipulates the right of a state agency to make a deal with an entity that issues cryptocurrency. The agreement would allow the state to accept cryptocurrency as payment for fines, penalties, rent, taxes, fees, and other financial obligations.

Bitcoin’s Global Recognition as Legal Tender

As Bitcoin and crypto adoption increases across the globe, several government agencies and personnel have shown a particular interest in the nascent industry, as they look to leverage its potential. El Salvador set the pace when it made Bitcoin legal tender in September 2021. Nayib Bukele, the El Salvadoran president, also remains a vocal Bitcoin enthusiast.

After El Salvador, the Central African Republic became the second country to make Bitcoin legal tender in April 2022. The country also has a goal to become the crypto hub in Africa. Moreover, U.S. Senator Ted Cruz said, last year, that he has no issues with Bitcoin being legal tender in the country.

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• Source: https://thecryptobasic.com/2023/01/25/us-senator-presents-bill-to-make-bitcoin-legal-tender-in-arizona/?utm_source=rss&utm_medium=rss&utm_campaign=us-senator-presents-bill-to-make-bitcoin-legal-tender-in-arizona