Key Points:
- Senator Wendy Rogers of Arizona has presented a package of measures that would recognize Bitcoin (BTC) as legal tender and permit state organizations to accept it as payment.
- US Constitution forbids separate states from establishing their own legal cash, so it is unclear whether the law will succeed. It’s interesting to note that the bill made mention of Bitcoin’s independence from meddling from central banks.
Senator Wendy Rogers of Arizona has presented a package of measures that would recognize Bitcoin (BTC) as legal tender and permit state organizations to accept it as payment.
If the law submitted on January 25 is approved, Arizona would become the first state in the US to formally recognize Bitcoin as a legal tender. Other Arizonan officials of the Republican Party have co-sponsored the measure.
The congressman referenced a current study by financial behemoth Goldman Sachs, which claimed that Bitcoin would be the best-performing asset in 2023, in announcing the introduction of the measure.
Concerns about enacting the legislation
The US Constitution forbids separate states from establishing their own legal cash, so it is unclear whether the law will succeed. It’s interesting to note that the bill made mention of Bitcoin’s independence from meddling from central banks.
According to the bill, Bitcoin is “the decentralized, peer-to-peer digital currency that operates independently of a central bank, 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.”
If the measure becomes law, governmental agencies will be able to contract with cryptocurrency companies to take Bitcoin as payment for taxes, penalties, fees, and other debts.
The first attempt, which was made in January 2022 but failed to clear the second reading, was Senator Rogers’ second attempt to submit similar legislation in the state.
The revival of these proposals at a time when there is fresh discussion about the sector’s laws demonstrates MPs’ rising interest in cryptocurrency. Notably, there are numerous active bills to regulate cryptocurrency in the U.S. Congress.
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