• Arizona State Senator Wendy Rogers has introduced a set of bills to make bitcoin legal tender and allow state agencies to accept it.
• The legislation defines bitcoin as “a decentralized, peer-to-peer digital currency” and allows it to be used for paying debts, taxes and other financial obligations.
• El Salvador’s adoption of bitcoin as legal tender has encouraged growth and investment in the country, with several other US states showing increasing interest in its benefits.
Senator Wendy Rogers Introduces Bills Making Bitcoin Legal Tender
Arizona State Senator Wendy Rogers has introduced a set of bills that would make bitcoin legal tender in the state and allow state agencies to accept payments made with cryptocurrency. This is the second time Sen. Rogers has attempted to pass such legislation; her previous attempt died during the second reading.
Legal Tender Definition
The proposed bill specifically defines bitcoin as “the 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 and that operates independently of a central bank”. It also states that any transaction currently done in U.S. dollars can be done with bitcoin instead if desired by individuals or businesses.
The acceptance bill included within Sen. Rogers’ proposed legislation says that “A state agency may enter into an agreement with a cryptocurrency issuer to provide a method to accept cryptocurrency as a payment method of fines, civil penalties or other penalties, rent, rates, taxes, fees, charges, revenue, financial obligations and special assessments to pay any amount due to that agency or this state”.
Impact Of El Salvador’s Adoption Of Bitcoin
El Salvador’s recent adoption of Bitcoin as legal tender has been beneficial for growth and investment in the country; this has encouraged further interest from US states like Texas, New Hampshire, Missouri and Mississippi regarding its potential benefits for their citizens too.