US senator introduces bill to make Bitcoin legal tender in Arizona

US senator introduces bill to make Bitcoin legal tender in Arizona

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

By Ovunc Kutlu

ISTANBUL (AA) – US Senator Wendy Rogers introduced a bill to make the popular cryptocurrency Bitcoin to be accepted as a legal tender in the state of Arizona.

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

Price of Bitcoin rose more than 30% since the beginning to this year, 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 crisis shook the crypto market last year such as bankruptcies and lack of transparency and accountability.

J.D. Mesnard, member of the Arizona Senate from the 13th district, and Jeff Weninger who is 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 Senate and a 31-29 majority in the Arizona House of Representatives.

If the bill passes, Arizona will become the first US state recognizing 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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