Arizona laws aim to make bitcoin legal

 

Arizona laws aim to make bitcoin legal

Arizona Senator Wendy Rogers introduced for the second time

A set of laws to the state legislature aimed

at making bitcoin (BTC) a legal currency in Arizona

• and allowing state agencies to

• accept bitcoin as a form of payment.

• If bitcoin is recognized as a legal form of currency in the country

Citizens will be able to use them to pay their debts, taxes and other financial obligations in the same way they use with the United States dollar.

In Rogers' SB 1235 Bill

Legal tender is defined as any broker of exchange authorized by the Constitution of the United States or Congress to pay debts, public fees, taxes and dues .

a type issued at any time by the Government of the United States

any other type governed by a court of jurisdiction by a final order which is not subject to appeal to be within the scope of the power of the State to provide legal currency ".

The term "mint"

refers specifically to currencies containing precious metal content.

Bitcoin is the only :

cryptocurrency Rogers is trying to offer as a legal currency.

• Bitcoin means a decentralized

• peer-to-peer digital currency in

• which a transaction record is kept on Bitcoin blockchain

New units of currency are created by the computational solution of sports problems that operate independently of the central bank, ".

In Bill II, SB 1239, Rogers looks forward to amending state laws to make it "may enter a government agency into an agreement with a cryptocurrency issuer

To provide a method of accepting cryptocurrency

as a method of payment of fines, civil penalties or other fines

1. rent, prices
2. taxes, fees
3. expenses, income

financial obligations and special assessments to

pay any amount owed to that agency or mandate ".

Cryptocurrency is defined as any form of digital currency in which encryption techniques are used to regulate the creation of currency units and verify the transfer of funds

and operate independently of the Central Bank

as well as Bitcoin Cash, Ethereum, Litecoin, and Bitcoin.

Senator Rogers previously submitted a similar amendment in January 2022, but this bill did not go beyond the second reading.

It was discussed at a time when the cryptocurrency market was in decline and in the process of entering the crypto winter.

If these new amendments are passed, Arizona will become the first state in the United States to adopt bitcoin as an official currency.