Arizona State Senator Introduces Bill To Make Bitcoin Legal Tender

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ISTANBUL

Arizona State Senator Wendy Rogers has introduced a bill to make popular cryptocurrency Bitcoin legal tender in the state.

The bill, titled SB 1235, is among other proposals to allow Arizona agencies to accept cryptocurrencies as a method of payment for collecting rent, taxes and fines.

Republican Rogers is also backing another bill that seeks to prevent Arizona authorities from taxing the use of blockchain – the technology behind Bitcoin.

“Breaking: #Bitcoin is the best performing asset in the world this year according to data from Goldman Sachs,” she wrote on Twitter on Wednesday, shortly after submitting her bundle of invoices.

The price of Bitcoin has risen over 30% since the start of this year and was hovering around $23,000 on Thursday.

However, the world’s largest cryptocurrency by market capitalization is a long way from its record high of $69,000 recorded in November 2021, as several crises rocked the crypto market in the past year, such as bankruptcies and a lack of transparency and accountability.

JD Mesnard, a member of the Arizona Senate from the 13th District, and Jeff Weninger, a former Republican member of the Arizona House of Representatives representing District 17, co-sponsored the bills.

Republicans hold a 16-14 majority in the Arizona Senate and a 31-29 majority in the Arizona House of Representatives.

If the bill passes, Arizona will become the first US state to recognize Bitcoin as legal payment for any monetary debt.

El Salvador became the first country in the world to accept Bitcoin as legal tender in September 2021, while the Central African Republic followed suit in April 2022.

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