The senator for Arizona, Wendy Rodgers, has introduced a bill that intends to make Bitcoin (BTC/USD) legal tender. While the state law could allow this, there could be major hurdles in the federal laws.
Last September, El Salvador adopted Bitcoin as legal tender. The country has invested millions of dollars into buying Bitcoin, but the ongoing market recession has resulted in the majority of the country’s Bitcoin holdings being in the loss zone.
Arizona plans to make BTC legal tender
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The Republican senator has introduced a bill that will add a new statute to the Arizona state law allowing Bitcoin as legal tender. The bill has already passed the second reading, but the date of when the voting will happen has not been set.
The bill defines Bitcoin as the “decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain, and new units of currency are generated by the computational solution of 21 mathematical problems, and that operates independently of a central bank.”
This is not the first time Rodgers has publicly declared her support for cryptocurrencies. In September 2021, the senator noted that she was working on making Arizona a crypto-friendly state.
Rogers is part of a three-member committee that commits to studying blockchain and cryptocurrencies. The committee is expected to release a report on its findings at the end of the year.
Crypto adoption in the US
The level of crypto adoption in the US has grown significantly over the past year. However, a move to endorse the use of Bitcoin as legal tender is poised to spark debate around the country. Last week, various reports stated that the Biden administration would release an executive order to assess cryptocurrencies and how they can be regulated.
While the US federal government is yet to provide clarity over crypto regulations, states and cities seem to be moving towards supporting the rapidly growing sector. States such as Texas have attracted crypto miners and other crypto-related businesses due to their crypto-friendly laws.
The push for crypto has also been witnessed in various cities. Miami is leading in crypto adoption, with the country launching a city token, MiamiCoin, that has generated a substantial profit for the city. New York City is also working to be a crypto-friendly city. The mayors of the two cities have accepted to be paid their salaries in Bitcoin.
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