New Initiative from the US Senator: Is Bitcoin (BTC) Becoming a Legal Payment Tool?

Republican Senator Wendy Rogers on January 25 Bitcoin (BTC) in Arizona introduced a bill proposing its inclusion in the list of currencies accepted as legal tender.

Arizona Senator Keeps Pushing For Bitcoin (BTC) To Become Legal Payment Tool

If the bill is passed, Arizona residents will be allowed to transact with BTC and pay taxes. A similar bill was first submitted in January 2022.

Thus, Arizona will become the first state in the US to adopt Bitcoin as its official currency.

If the bill is approved, Arizona residents will be able to buy and sell goods and services, pay taxes and dues with Bitcoin.

Rogers previously submitted bill SB 1341 in January 2022, which aims to make Bitcoin a legal tender.

The new bill, SB 1235, proposes changing the definition of legal tender to include BTC in current legislation, in addition to declaring the largest cryptocurrency as legal tender.

Whether Arizona will enact the bill, however, is debatable. The US Constitution specifically restricts states from creating their own legal tenders.

Cryptocurrency currently only El Salvador and the Central African Republic Bitcoin declared as the official currency.

Apart from this, there are some initiatives for altcoins from time to time. Previously St. Kitts and Nevis prime minister announced plans to announce Bitcoin Cash (BCH) altcoin as the official payment instrument in 2023.

At the time of this writing, the price of Bitcoin was trading at $23,000.

*Not investment advice.

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