Senator Wendy Rogers of Arizona has presented a package of proposals that would make Bitcoin (BTC) legal tender and permit state organizations to accept it as payment. The bill was introduced on January 25 and if passed, would make Arizona the first state in the United States to officially recognize Bitcoin as a legal form of currency.
This is not the first time such a bill has been introduced in the state, but it has gained traction and support from other Republican Party leaders from Arizona.
The bill’s introduction comes at a time when there is increasing interest and acceptance of digital currencies. A recent report by banking giant Goldman Sachs indicated that Bitcoin is the best-performing asset in 2023. This has further fueled the push for the adoption of digital currencies as a legitimate form of payment.
The bill, if passed, would have a significant impact on the way businesses and individuals in Arizona conduct transactions. It would allow for greater flexibility and choice in terms of payment methods, as well as potentially increase the efficiency and security of financial transactions. Additionally, it could lead to the development of new businesses and opportunities in the digital currency space.
While the bill has yet to be passed, it is a step in the direction of greater acceptance and integration of digital currencies into the mainstream financial system. The increasing support for the bill, along with the growing interest in digital currencies, suggests that it may have a strong chance of being passed into law.
In Arizona, is Bitcoin Accepted as Payment?
The bill, titled SB 1235, would amend the current list of legal tender in Arizona and add Bitcoin to the list. Additionally, Senator Rogers has introduced another bill, SB 1239, that would allow the payment of various civil duties in crypto and allow state agencies to enter into agreements with cryptocurrency issuers.
This follows a similar action taken by Rogers a year ago, but the United States Constitution Article 1, Section 10 prohibits the creation or issuance of legal tender on the state level, making it unlikely for the bill to pass.
Arizona lawmakers are aiming to make cryptocurrency holdings tax-free.
A proposal is being considered in the Senate of Arizona that would put the decision on whether or not to exclude virtual currency from property taxes in the hands of voters. If the bill is approved, citizens will have the opportunity to vote in November 2024 on whether or not to be exempt from the taxation of virtual money, in particular, tokens that don’t depict the US dollar or any other type of money.
This proposal follows previous legislative attempts to move forward on legislation related to cryptocurrencies and taxes in Arizona, such as a bill introduced in 2018 that would have permitted residents to make tax payments in cryptocurrencies, but was ultimately vetoed by the state’s governor.
However, it’s worth noting that there are still many challenges and unknowns associated with the widespread adoption of digital currencies, particularly when it comes to regulation and consumer protection. The bill will need to address these concerns to ensure that it is successful in its goal of making Bitcoin a legal form of currency in Arizona
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.