Blockchain

Arizona Regulator Proposes A Bill To Make BTC A Legal Tender

An Arizona regulator proposed a bill to make bitcoin a legal tender while US laws don’t permit states to create individual currencies so let’s read more today in our latest cryptocurrency news. An Arizona regulator senator introduced a bill that sees to make bitcoin a legal tender and although the US federal law doesn’t allow […]

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An Arizona regulator proposed a bill to make bitcoin a legal tender while US laws don’t permit states to create individual currencies so let’s read more today in our latest cryptocurrency news.
An Arizona regulator senator introduced a bill that sees to make bitcoin a legal tender and although the US federal law doesn’t allow the states to create their currencies, the bill could spark an interest in the discussion. The state Senator Wendy Rogers moved a draft bill that seeks to accord BTC the status of a transactional currency or a legal tender. If the bill is discussed in the senate and house, the state could be the first US state to consider this development. The bill introduced by Senator Rogers defines legal tender as:
“Any medium of exchange that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes, and dues. Bitcoin means 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 21 mathematical problems and that operates independently of a central bank.”

The senator tweeted that she wanted to make Arizona a crypto-friendly state:
“I am going to work to help make Arizona crypto-friendly.”
Rogers was appointed to a 3-member Blockchain and crypto study committee at the end of December last year. The term of the committee will end at the end of 2022 when it is supposed to submit the report. The move to introduce the bill and make BTC a legal tender will trigger a fresh round of debate in the country around BTC’s widespread adoption and acceptance. According to the survey reports, 30% of the swing-state voters said they wanted to legalize crypto. The survey also reported the number of residents who favor BTC as a legal tender in Texas and Wisconsin or 37% compared to 27% in Arizona and one of 10 swing states that figured in the surveys conducted by the London-based company Redfield and Wilton Strategies. Right now, El Salvador is the only country that accepted BTC as a legal tender but former Tonga parliamentarian Lord Fusitua claimed that TOnga will adopt BTC as a legal tender by November 2022.

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