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State Senator Wendy Rogers of Arizona introduced two bills to make Bitcoin legal tender in the state and allow state agencies to accept Bitcoin.
Sen. Wendy Rogers (R-AZ) introduced a set of bills to make bitcoin legal tender in Arizona and one that would allow state agencies in Arizona to accept Bitcoin. The bill to make Bitcoin legal tender in the state aims to have Bitcoin recognized as a legal form of currency in Arizona, meaning that individuals and entities may use it to pay debts, taxes, and further financial obligations. Essentially, this means that all transactions currently conducted in U.S. dollars could be done in Bitcoin and would afford businesses and individuals the option to use the currency as they see fit.
Rogers Introduces Two Bills That Would Allow the Use of Bitcoin in Arizona
The bill regarding Bitcoin as legal tender specifically mentions Bitcoin alone and defines it 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.
The second bill, which involves state acceptance, appears to be broader and does not mention only Bitcoin as a currency that state agencies could accept but refers to “cryptocurrencies.” The bill states:
A state agency may enter into an agreement with a cryptocurrency issuer to provide a method to accept cryptocurrency as a payment method for 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.
Rogers Continues to Push for the Acceptance of Bitcoin
Senator Rogers previously introduced a bill proposing making Bitcoin legal tender in Arizona. The bill, introduced in January 2022, did not come to fruition. Rogers, fellow senators Sonny Borelli, and Justine Wadsack recently introduced new legislation that allows voters to decide in 2024 if virtual currencies should be classed as tax-exempt property. As it stands in Arizona, all public debts, certain household goods, and all federal, state, county, and municipal property are tax-exempt.
According to reports by Market Watch, Roger’s tax bill defines virtual currencies as tokens that do not represent the U.S. dollar or a foreign currency and is not Arizona’s first bill that pertains to crypto taxes. In 2018, a bill was proposed that would give Arizona residents the option to pay taxes using cryptocurrencies, but it was ultimately vetoed in May 2018.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.