CORRECTS - Arizona state senator introduces bill to make Bitcoin legal tender

CORRECTS - Arizona state senator introduces bill to make Bitcoin legal tender

Arizona will become 1st US state to recognize Bitcoin as legal payment if bill passes

CORRECTS SENATOR’S TITLE IN HEADLINE, LEDE

By Ovunc Kutlu

ISTANBUL (AA) – Arizona State Senator Wendy Rogers has introduced a bill to make the popular cryptocurrency Bitcoin legal tender in the state.

The bill, titled SB 1235, is part of other proposals that aim to allow agencies in Arizona to accept cryptocurrencies as a payment method for collecting rent, taxes and fines.

Republican Rogers also supports another bill that aims to prevent Arizona authorities from taxing the use of blockchain – the technology behind Bitcoin.

"Breaking: #Bitcoin is the best performing asset in the world this year according to data from Goldman Sachs," she wrote Wednesday on Twitter, shortly after submitting her bundle of bills.

The price of Bitcoin has risen more than 30% since the beginning of this year and was hovering around $23,000 on Thursday.

The world's biggest cryptocurrency by market cap, however, is far off its record high $69,000 recorded in November 2021 as several crises shook the crypto market last year such as bankruptcies and a lack of transparency and accountability.

J.D. Mesnard, a member of the Arizona Senate from the 13th district, and Jeff Weninger, a former Republican member of the Arizona House of Representatives representing District 17, co-sponsored the bills.

Republicans hold a 16-14 majority in Arizona’s Senate and a 31-29 majority in the Arizona House of Representatives.

If the bill passes, Arizona will become the first US state to recognize Bitcoin as legal payment for any monetary debt.

El Salvador became the first country in the world to accept Bitcoin as legal currency in September 2021, while the Central African Republic followed it in April 2022.

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