Arizona Creates Bill That Gives BTC Legal Currency Status2 min read
A senator from the state of Arizona in the United States has introduced a bill that seeks to make BTC legal tender in the state. The bill SB 1341 was created by Wendy Rogers of the Republican Party.
With that, Arizona could become the first of the 50 US states to raise this possibility. However, the country’s federal law does not allow states to create their currencies. Therefore, the law must face great resistance from Washington.
Law can take advantage of loophole
According to Senator Rogers’ bill, legal tender is defined as “any medium of exchange that is authorized by the Constitution or Congress of the United States for the payment of debts, public fees, and taxes. And this is an interesting loophole that exists in the law.
After all, the dollar has legal tender status in the US, but it is not legal tender. That is, citizens can choose to use other means of payment. The state of Arizona, for example, has already accepted BTC for tax payments since 2018.
What the law does is extend this permission to the entire economy of the country and its inhabitants. Unlike El Salvador, BTC would not be legal tender in the state.
Rogers’ pro-BTC stance is also not new and dates back to November 2021. At the time, the senator stated that she intended to work to help make Arizona a pro-cryptocurrency state. That way, the state would compete with its fellow Texas, Wyoming, Florida, among others.
Rogers was appointed to a state committee on blockchain and cryptocurrency studies on December 31, 2021. The committee will have one year to study and propose measures on both markets through a final report.
States in the BTC race
During the 19th century, the USA witnessed a real gold rush in several states, which formed the current structure of the country. Apparently, the 21st century will be marked by the race for cryptocurrencies.
In this sense, Arizona is a pioneer in the proposal to make BTC legal tender, while other states seek to attract companies in the sector. In either case, the state could spark a new round of debate in the country around greater acceptance and adoption of BTC.
This debate is echoed not only among politicians. According to a survey report in September 2021, an average of 30% of voters in swing-states said they support the legalization of cryptocurrencies. In Texas and Wisconsin, the percentage was 37%, while in Arizona it was only 25%.
At the federal level, however, this discussion has not yet taken place in the US. El Salvador is the only country that has accepted BTC as legal tender so far. However, countries like Tonga and Togo are already studying the possibility of creating their own BTC adoption laws.
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