An Arizona senator has proposed a bill that would make bitcoin legal tender. If the law passes, Bitcoin can be used as cash to pay for purchases, bills, and taxes.
Bill 1341 was introduced by Republican Senator from Arizona Wendy Rogers.
The proposed bill states that bitcoin is a decentralized peer-to-peer digital currency, whose transactions are recorded in the Bitcoin blockchain. And new currency units are generated by the computational solution of 21 mathematical problems. And they do not depend on the Central Bank.
It is unlikely that this bill will be passed or come into force since the US Constitution prohibits states from creating their currencies. Nevertheless, it will cause a discussion on this topic.
To put the bill into effect, the proposal must pass a vote in the Arizona Senate and House of Representatives before it is passed to Governor Doug Ducey to sign into law.
Back in September, Wendy Rogers said she would work swiftly to make Arizona more crypto-friendly.
At the end of December, she was appointed to the committee for the study of blockchain and cryptocurrency. And to provide a report by the end of the year.
Last year, El Salvador was the first and so far the only country to accept bitcoin as a legal tender. Crypto enthusiasts are closely watching other countries that will follow the example of El Salvador in 2022.
GlobalBlock analyst Marcus Sotiriou said that countries that do not want to accept bitcoin can only watch as its economic value is transferred to another country, to the one that accepts it. Rio de Janeiro in Brazil has allocated 1% of its reserves to Bitcoin. This could be a step for the country to get ahead of the technological revolution.
