An Arizona senator is pushing a bill to have bitcoin recognized as legal tender in the state

Arizona Senator Wendy Rogers has reintroduced a set of bills aimed at making bitcoin (BTC) legal tender and allowing government agencies to accept the digital currency as a form of payment.

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

Announcing the launch of the bill, the lawmaker cited a recent report from banking giant Goldman Sachs indicating that Bitcoin is the top asset in 2023.

Uncertainty about approval of the bill

However, the passage of the law is yet to be determined, since the US Constitution does not allow individual states to create their own legal tender. Interestingly, the content of the law refers to Bitcoin’s ability to operate independently of central bank intervention.

The bill defines Bitcoin as “a 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, operating independently of a central bank.”

If passed into law, the bill would allow government agencies to enter into agreements with cryptocurrency issuers to accept Bitcoin as a payment method for taxes, fines, fees, and other financial obligations.

This is the second time Senator Rogers has attempted to bring such legislation into the state, with the first attempt taking place in January 2022, though the second reading failed.

The reintroduction of these laws highlights lawmakers’ growing interest in cryptocurrencies and comes at a time of renewed debate over the regulatory framework for the sector. Notably, the US Congress has several bills pending aimed at regulating cryptocurrencies.

Arizona Senator Pushes Bill to Recognize Bitcoin as Legal Currency in the State appeared first on Coinphony.

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