Arizona Senator Introduces Bill to Make Bitcoin Legal Tender
An Arizona senator has introduced a bill that would make Bitcoin legal tender in the state, but only if it is accepted by the seller.
The bill, which was introduced in the state Senate by Republican senator Warren Petersen, would require the Arizona Department of Financial Institutions to begin accepting Bitcoin as a method of payment and would also exempt transactions involving digital currencies from certain state taxes.
The bill also would require the Arizona Department of Revenue to accept digital currencies as payment for any state taxes.
The bill, if passed, would make Arizona the first state in the US to accept Bitcoin as legal tender, however it would not be a national law.
The bill, which has been referred to the Senate Rules Committee, is unlikely to pass anytime soon but its introduction shows that the state is open to the idea of cryptocurrencies and blockchain technology.
This bill is the latest in a series of attempts by Arizona to embrace blockchain technology and cryptocurrencies, with the state having recently passed a bill that allows residents to pay their taxes using cryptocurrencies.
This bill is an important step in the right direction for those who believe that digital currencies have a place in our society, especially in the world of finance.