Senate Bill Introduced to Make Bitcoin Legal Tender in Arizona

Senate Bill Introduced to Make Bitcoin Legal Tender in Arizona

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Senator Wendy Rogers' bill

A new Senate bill SB 1341, introduced by Senator Wendy Rogers, seeks to make Bitcoin a legal tender in Arizona. The Republican senator wants Bitcoin to gain the legal status of a transactional currency across the Grand Canyon state.

Senator Wendy Rogers’ Bill is A Long Shot

The Bitcoin bill is a bit ambitious for the Arizona State Senator. This is because federal law does not allow individual states to legalize any currencies besides the dollar as per the Coinage Clause of the Constitution. Nonetheless, a vote is yet to take place, so we may hold off in dismissing Bitcoin enthusiast Senator Wendy Rogers.

The legislation may pass on the approval of the Arizona state Senate and House of Representatives. After that, Republican Governor Doug Ducey will have to sign it into law for the Bitcoin bill to take action at the beginning of 2021. Consequently, Bitcoin will be rightfully accepted for debt payment, public charges, taxes, and other dues.

Senator Wendy Rogers’ bill does not mention any other form of cryptocurrency. The Republican Bitcoin enthusiast is only focused on the leading peer-to-peer cryptocurrency.

Arizona Seeking to Go El Salvador’s Way with Bitcoin Bill

Senator Wendy Rogers’ bill will make Arizona is the first state to grant Bitcoin legal tender if the proposal proceeds to law. A Texas Republican gubernatorial aspirant, Don Huffines, stated that he would make Bitcoin legal tender.

El Salvador is the first country to make Bitcoin legal tender. The law’s enactment caused a frenzy in the media, with both supporters and opposers expressing their respective opinions on the same. The International Monetary Fund was vocal with its disapproval of El Salvador’s law. Bitcoin enthusiast Senator Wendy Rogers can expect a lot of pressure in her fight for the cryptocurrency’s legal tender in Arizona.

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