Bitcoin Proposed to Become Legal Tender in Arizona


The last year has been a nasty one for bitcoin, with its price plunging nearly 60% from its peak. That has dampened much of the hype around bitcoin, but not all of it. There are still many believers in the future of cryptocurrency, including Arizona State Senator Wendy Rogers.

Rogers, a pro-Donald Trump Republican elected to the Arizona Senate in 2020, on Tuesday submitted an invoice that would make Bitcoin legal tender in the state. following in the steps of el salvador, whose polarizing president made Bitcoin legal tender in 2021, the bill, if passed, would give Bitcoin the same legal status as the US dollar. It could be used to pay debts, taxes, and as a commercial medium of exchange.

the invoices are cosponsored by Rogers’ state Senate Republican colleagues Jeff Weninger and JD Mesnard. Barring support from state Democrats, the bills could pass with the uniform backing of state Republican senators and representatives. Republicans hold 16 of Arizona’s 30 state Senate seats and 31 of its 60 House seats.

A similar bill introduced by Rogers However, in 2022 it was quickly torn down. rogers has also proposed allow voters in 2024 to decide whether cryptocurrency should be tax-exempt in the state.

“Centralized digital money controlled by central bankers is slavery,” Rogers tweeted in April, recalling the libertarian roots of bitcoin. “Decentralized Bitcoin is freedom.”

Most famous for its adoption of bitcoin as legal tender is El Salvador. Headed by President Nayib Bukele, the country has gone through a estimated $107 million buying bitcoin, with those holdings now worth about half that amount. The embattled country’s government spent another estimated $268 million setting up digital infrastructure for bitcoinincluding a $30 incentive for everyone who signed up for his official bitcoin wallet, Chivo.

Critics say bitcoin adoption was a cost the heavily indebted country could not afford. Proponents say that bitcoin is a more efficient means for remittances and that the country’s strong post-COVID tourism recovery can be attributed at least partially to crypto tourism.

Arizona is not alone in dealing with cryptocurrency regulation. Last week, legislators from Missouri and Mississippi tried to craft law that protects the rights of citizens to mine bitcoinsa process that consumes a lot of electricity which was banned in New York last year.