2 years ago
State Sen. Wendy Rogers (R-AZ) has introduced a acceptable of bills aimed astatine making bitcoin ineligible tender successful Arizona and allowing state agencies to judge bitcoin.
The projected authorities aims to admit bitcoin arsenic a ineligible signifier of currency successful Arizona, allowing it to beryllium utilized to wage for debts, taxes and different fiscal obligations. This would mean that each transactions that are presently done successful U.S. dollars could perchance beryllium done with bitcoin, and individuals and businesses would person the enactment to usage bitcoin arsenic they spot fit.
Specifically mentioning bitcoin alone, the ineligible tender measure defines bitcoin as, “the decentralized, peer-to-peer integer currency successful which a grounds of transactions is maintained connected the Bitcoin blockchain and caller units of currency are generated by the computational solution of mathematical problems and that operates independently of a cardinal bank.”
The acceptance measure is much broad, saying that, “A authorities bureau whitethorn participate into an statement with a cryptocurrency issuer to supply a method to judge cryptocurrency arsenic a outgo method of fines, civilian penalties oregon different penalties, rent, rates, taxes, fees, charges, revenue, fiscal obligations and peculiar assessments to wage immoderate magnitude owed to that bureau oregon this state.”
This is the second time that Sen. Rogers has introduced a measure aimed astatine making bitcoin ineligible tender successful her state. She introduced the aforesaid amendment successful January 2022, which died by the 2nd reading.
Although it whitethorn look determination are slim chances of the measure passing this time, El Salvador’s adoption of bitcoin arsenic ineligible tender has proven to beryllium a boon for growth and investment successful the country. Recent actions successful states similar Texas, New Hampshire, Missouri and Mississippi each bespeak expanding U.S. authorities involvement successful bitcoin and its benefits. As bitcoin adoption strengthens, the likelihood of specified bills passing volition lone increase.
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