U.S. Senator pushes Bitcoin as legal currency
Arizona State Senator in the United States, Wendy Rogers, has launched bills to make the king of cryptocurrencies, Bitcoin a legal currency in her state. If these bills are passed, Arizona could become the first U.S. state to officially adopt Bitcoin as a common currency.
Wendy Rogers cited data from investment firm Goldman Sachs that shows Bitcoin (BTC) is the best performing asset in the world. She also announced that she has launched a set of crypto bills, aiming to make Bitcoin a legal currency in her state. This statement from Rogers clearly shows that she believes in the future of cryptocurrency and wants to promote its adoption in the state of Arizona.
If passed, this bill would give BTC the same status as the U.S. dollar, making it an accepted medium of exchange for debt payments, government charges, taxes and fees in the state of Arizona. This would mean that businesses and individuals could use Bitcoin to pay their bills and taxes, which would have a significant impact on Arizona’s economy.
However, it should be noted that this bill is not new, the Senator previously introduced a similar bill in 2022 without success. Therefore, it is important to see how this new proposal will be received by other Senators and Arizona residents.
In addition to her bill to make Bitcoin a legal currency in Arizona, Senator Wendy Rogers was also involved in the introduction of another bill that aims to make crypto-currency a tax-exempt property.
If this bill is approved, Arizona voters will have the opportunity to decide in the 2024 election whether they want cryptocurrency tokens that do not represent foreign currency or the U.S. dollar to be tax-exempt.
This could have a significant impact on cryptocurrency investors and holders in Arizona. It is important to note that this proposed legislation is still under review and it is still uncertain whether or not it will pass.
Despite detractors who wish to crush Bitcoin, cryptocurrency adoption continues to gain momentum around the world. Recent developments in Latin America such as El Salvador also show that Bitcoin adoption is on the rise and could be a wise choice. It will be interesting to see how this develops.