Clearly, Bitcoin is here to stay, and in a bid to be realistic, Arizona Senator Wendy Rogers has proposed a bill that will let Arizona residents spend Bitcoin wherever they spend US dollars.
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Arizona Senator Introduces Bills to Recognize Bitcoin as Legal Tender
Wendy Rogers, a state senator, has introduced a set of new bills that will allow Arizona to recognize Bitcoin as a legal tender in the state.
The newly introduced bill if passed will let Bitcoin be spent in any business where Bitcoin can be used as a payment, in other words, Bitcoin will be spent in Arizona just like the US dollars, government agencies will as well receive Bitcoin in the state.
According to the bill, “bitcoin” is defined 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.”
There is another in by the same senators which states that Arizona State Agencies can enter “into an agreement with a cryptocurrency issuer to provide a method to accept cryptocurrency as a payment method of fines, civil penalties or other penalties, rent, rates, taxes, fees, charges, revenue, financial obligations and special assessments to pay any amount due to that agency or this state.”
Although a bill related to this newly proposed bill was introduced by the same senator last year but did not pass second reading, and hopefully, this latter bill is able to make its way past the former bill.
States like Colorado and Utah are also on a similar path to make Bitcoin a legal tender in their various states, Colorado for instance is accepting Bitcoin as payment for taxes, and Utah was also close to involving Bitcoin in their tax payment system before the crypto market crash. States like Texas, New Hampshire, and Missouri are proposing bills around Bitcoin mining, to capitalize on the benefits it can offer financially.
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