Senator Wendy Rodgers has presented a bill in the senate that intends to make Bitcoin a legal tender in the state of Arizona in the USA.
The bill intends to make bitcoin one of the instruments considered legal tender in the state of Arizona thus making the cryptocurrency a lawful medium of exchange in the state.
If the bill passes through all the steps and becomes enacted, it would allow citizens in the state to pay depts., taxes, and other public fees using BTC. The state would be the next to make Bitcoin a legal tender after El Salvador country.
Currently, all financial transactions in Arizona are done using the US dollar. But if the bill becomes law, a significant number of people would opt for the digital currency and probably even receive their salaries in bitcoin since even companies would have complete freedom on the currency to use in paying their employees.
It is interesting to note that the bill is very specific in its reference to bitcoin. It only says bitcoin and not cryptocurrencies in general; meaning the senator specifically wants bitcoin to become a legal tender and not any other cryptocurrency.
States accepting Bitcoin
Texas is also rumoured to be working towards introducing such a bill after Huffines, who is running for governor promised to make bitcoin a legal tender if elected. He said:
“Texas must stop the federal government from shutting down the industry and discriminating against Bitcoin holders.”
Currently, Bitcoin has only been made a legal tender in El Salvador. No other country or state has successfully enacted a law to make bitcoin a legal tender although there are quite several countries and now the US states that are considering the option.