• Sen. Wendy Rogers (R-AZ) has proposed a set of bills that would make bitcoin legal tender in Arizona and allow state agencies to accept it for payments.
• The bills define bitcoin as “the decentralized, peer-to-peer digital currency” and enable the use of cryptocurrency for taxes, fees, fines and other financial obligations.
• El Salvador’s adoption of bitcoin as legal tender has shown how the currency can be beneficial for growth and investment.
Proposal to Make Bitcoin Legal Tender
Arizona State Senator Wendy Rogers (R-AZ) has proposed a set of bills that would make bitcoin a legal form of currency in her state. This means that all transactions currently done in US dollars could potentially be done with bitcoin, and individuals and businesses would have the option to use it as they see fit. The bills specifically mention bitcoin alone, defining it as „the decentralized, peer-to-peer digital currency.“ It also allows state agencies to accept cryptocurrency such as bitcoin as payment for fines, civil penalties or other penalties, rent, rates, taxes, fees, charges, revenue and financial obligations due to their agency or the state itself.
This is not the first time Sen. Rogers introduced this amendment – she attempted it previously in January 2022 but failed by the second reading. Despite her previous attempt’s failure however, El Salvador’s adoption ofbitcoin as legal tender has proven to be highly beneficial for its growth and investment opportunities. Other states such as Texas, New Hampshire, Missouri and Mississippi are now showing increasing interest in cryptocurrencies like bitcoin due to its potential benefits which may increase the chances of her bill passing this time around.
Benefits Of Bitcoin
Cryptocurrency like Bitcoin offers several advantages when compared with traditional currencies such as reduced transaction fees on international payments and increased security against fraud or theft due to distributed ledger technology used by these systems. Transactions are also immutable which means they cannot be reversed once completed which adds an extra layer of protection against fraudsters who might attempt double spending or chargeback frauds on merchants who accept them. Furthermore these transactions take place almost instantaneously so there is no need for long waiting times associated with traditional banking methods like wire transfers or checks which makes them ideal for day traders or investors looking to capitalize on short term market movements quickly without having their funds held up by slow processing times associated with banks or other financial institutions.
Sen Wendy Rogers’ attempts at making Bitcoin a legal form of currency within Arizona bring many potential benefits including faster processing speeds & lower costs associated with international payments along with added security from distributed ledger technology & immutability which reduce chances of fraud/theft occurring during transactions involving cryptocurrencies like Bitcoin – all factors that should help encourage more states across US follow suit & recognize cryptocurrency payments alongside traditional forms if money going forward into future years ahead!