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- Wendy Rogers bids to see bitcoin become legal tender in the state of Arizona
- Rogers previous bill with a similar motive was rejected
- A number of states have already formally accepted Bitcoin as a valid method of payment
A bill to establish Bitcoin as legal cash in the Grand Canyon State has been presented by a senator from Arizona.
Wendy Rogers, a Republican and ardent supporter of former president Donald Trump, yesterday proposed amending the state’s statutes to expand the definition of legal cash to include the largest cryptocurrency in the world.
If the law submitted on January 25 is approved, Arizona would become the first state in the US to formally recognize Bitcoin as a legal tender. Other Arizona Republican Party officials have co-sponsored the bill. As a result, governmental agencies can contract with cryptocurrency companies to take Bitcoin as payment for taxes, penalties, fees, and other debts.
Wendy Roger advocated for Bitcoin and spoke out against central banks in April 2022, she stated, “Centralized digital money controlled by the central bankers is slavery. Decentralized, bitcoin is freedom.”
In addition, Rogers took part in the introduction of a law that would exclude cryptocurrencies from taxes. If passed, voters will be allowed to decide in 2024 whether or not to exempt tokens that do not represent foreign currencies or the US dollar from taxation.
As bitcoin’s popularity continues to rise, the likelihood of similar legislation succeeding in the future is likely to increase.
Bitcoin is more resistant to government manipulation because it operates without a central bank and is not subject to the same rules and regulations as conventional fiat currencies. Arizona would be moving closer to accepting and acknowledging the decentralized character of bitcoin and other cryptocurrencies with the passage of this measure. It would provide the state’s citizens and businesses with new opportunities.
Currently, several jurisdictions, including Colorado and California, have formally accepted Bitcoin as a valid payment method for various goods and services. Francis Suarez, the mayor of Miami, is a strong supporter of Bitcoin, although his influence is only felt within the city.
If Arizona successfully establishes Bitcoin as legal cash, it will be joining El Salvador, a nation in Central America, which did so in September 2021. El Salvador was condemned at the time for adopting Bitcoin, and although it appears to be paying its debts, many people, including US authorities, still think the country made a mistake with the decision.
However, it is uncertain whether Arizona can pass the bill into law. The United States Constitution expressly prohibits states from establishing their own forms of legal money.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
