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(Kitco News) – Arizona Senator Wendy Rogers passed a series of bills designed to make Bitcoin (BTC) legal tender in Arizona and allow state agencies to accept BTC as a payment method. submitted to parliament.
Once bitcoin is recognized as legal currency in the state, citizens will be able to use bitcoin to pay their debts, taxes and other financial obligations in the same way as the US dollar.
Bill SB 1235, introduced by Rogers, states that fiat currency is “the instrument of exchange authorized by the United States Constitution or Congress for the payment of debts, public expenses, taxes, and dues. Species issued by the United States Government from time to time. Courts having jurisdiction. but other species determined by final and non-appealable order to be within the State’s jurisdiction to make statutory bids.” The term “specie” specifically refers to coins containing precious metals.
Bitcoin is the only cryptocurrency that Rogers is trying to create as a fiat currency.
“Bitcoin is a decentralized, peer-to-peer digital currency in which records of transactions are maintained on the Bitcoin blockchain, new units of currency are generated by computational solutions to mathematical problems, and which operate independently of a central bank. means.” The text of the bill was read.
In the second bill, SB 1239, Rogers amended state law to allow “an agency of the state to impose fines, civil penalties, or other penalties for paying sums owed to that agency or to this state, rent, Fees, Taxes, Fees, Fees, Income, Financial Obligations, and Special Assessments.
A cryptocurrency is “a cryptocurrency that operates independently of a central bank, such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, in which cryptographic technology is used to regulate the generation of monetary units and to verify the transfer of money. Any form of digital currency”.
Senator Rodgers previously introduced a similar amendment in January 2022, but the bill was being debated at a time when the cryptocurrency market was in decline and was in the process of entering the crypto winter, so the second time. did not pass the reading of
If these new amendments pass, Arizona will become the first US state to adopt Bitcoin as its official currency.
As the crypto ecosystem embraces, states have been eyeing Bitcoin as an acceptable form of payment for some time. In September 2022, Colorado will become the first state to allow Bitcoin to be used to pay taxes, and Utah plans to do the same before a downturn in the cryptocurrency market puts those plans on hold. was.
A number of states, including Texas, New Hampshire, Missouri and Mississippi, have also introduced legislation seeking to establish Bitcoin mining regulations to take advantage of the economic benefits Bitcoin mining can bring. .
The U.S. Constitution explicitly prohibits states from creating their own legal tender, so the topic of states adopting Bitcoin and other cryptocurrencies as legal tender is sure to face challenges ahead. .
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.
