Recently, an United States Senator proposed a conjunction of bills in order to make bitcoin a legal tender in the State of Arizona.
The proposed legislation would make bitcoin a legitimate form of currency in Arizona, allowing it to be used to pay bills, taxes, and other financial responsibilities.
This would imply that all transactions presently conducted in US dollars might possibly be conducted in bitcoin, and people and corporations would be free to utilize bitcoin just like any normal fiat currency.
The bill describes bitcoin as “the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain,” and was proposed by Republican Senator Wendy Rogers.
Bitcoin As Legal Tender in Arizona
If Bitcoin becomes legal tender in AZ, that would have a number of implications for the state’s economy and residents.
For one, bitcoin adoption would most likely increase in the State, and the use of Bitcoin as a means of payment, as businesses and individuals, would be more likely to accept it if it is recognized as legal tender.
This could also attract more businesses and entrepreneurs to the state, as they would be able to conduct transactions in Bitcoin. On top of that, the State could become a “haven” for up-and-coming crypto startups.
However, this decision is not only up to Arizona state’s government but also to the Federal Reserve, as the legal tender is issued by the monetary organization in the United States and the State alone does not have the power to legalize bitcoin.
Senator Rogers, a Pro-Bitcoin Voice In the U.S. Senate
This is not the first time that senator Wendy Rogers proposed bills related to the mass adoption of bitcoin by the general public.
About a year ago, the politician introduced another bill looking to make BTC a legal tender in her State. However, the bill would not survive a second reading in the US Senate before being extinct.
