Arizona Senator Pushes Bill to Recognize Bitcoin as Legal Tender in the State

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Arizona State Senator Wendy Rogers has reintroduced a package of bills to make Bitcoin (BTC) legal tender and allow state agencies to accept digital currency as a form of payment .

If passed, the bill introduced on January 25 would make Arizona the first state in the United States to officially recognize Bitcoin as a legal form of currency. The bill was co-sponsored by other Arizona Republican Party leaders.

In announcing the launch of the bill, lawmakers cited a recent report by banking giant Goldman Sachs indicating that Bitcoin is the best performing asset in 2023.

Uncertainty over the adoption of the bill

However, the passage of the bill remains to be determined, as the United States Constitution does not allow each state to create its own legal tender. Interestingly, the content of the bill referred to Bitcoin’s ability to operate independently of central bank interference.

The bill defines Bitcoin as “the decentralized, peer-to-peer digital currency in which a record of transactions is kept on the Bitcoin blockchain, and new monetary units are generated by the computer solution of mathematical problems, and which works independently of a central bank.”

If the bill becomes law, it will allow state agencies to enter into agreements with cryptocurrency issuers to accept Bitcoin as a method of payment for taxes, fines, fees, and other financial obligations.

This is the second time Sen. Rogers has attempted to introduce such legislation in the state, with the first attempt occurring in January 2022, although it did not pass second reading.

The reintroduction of these bills highlights the growing interest of lawmakers in cryptocurrencies and comes at a time when the debate on the regulation of the sector is renewed. Notably, the US Congress has several pending bills intended to regulate crypto.

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