crypto monnaie

US Senator Offers Bitcoin (BTC) as Legal Tender in Arizona

Wendy Rogers, a United States Senator, has proposed several cryptocurrency bills including one to make Bitcoin (BTC) legal tender in Arizona. She had already proposed a similar amendment in 2022, which had been refused.

Bitcoin (BTC) legal tender in Arizona?

It could be a big first for the United States. This Wednesday, January 25, a bill concerning cryptocurrencies was proposed to the United States Senate by Wendy Rogers. He could do Arizona the first US state to recognize Bitcoin (BTC) as legal tender on its territory.

If this proposal were to be accepted, the inhabitants of the American western state could pay their taxes with bitcoinsbut also their daily purchases since merchants would accept the 1st market cryptocurrency as a means of payment.

In order to justify the legitimacy of her amendment, the Republican senator relied on a recent report by Goldman Sachs. The American bank explains to us that BTC would be the best performing asset at the start of 2023 and could continue on this engendered throughout the year.

πŸ‘‰ Receive your 2nd edition of collector’s paper journal by purchasing our NFT

This isn’t the first time Wendy Rogers has pushed a cryptocurrency bill through the US Senate. In 2022, the senator had already tried to make Bitcoin legal tender in the state of Arizona, proposal which had nevertheless been rejected at first reading.

Apart from that, Wendy Rogers also came up with the idea of ​​making cryptocurrencies a tax-free asset. If this amendment is approved, voters could decide in 2024 if they want the digital assets – which are not stablecoins backed by foreign currencies – be tax exempt.

πŸ‘‰ Don’t miss our guide – How to buy Bitcoin in 2023?

The all-in-one crypto app

0 fees for your 1st crypto purchase πŸ”₯ (up to $200)

What future for this bill?

This law project is supported by two other Republican senators. It is the majority party in the Senate in Arizona and also in the House of Representatives, which could work in favor of the adoption of this bill.

However, although crypto investors have already welcomed this proposed law, there is no guarantee that it will not pass the test of the American Senate. Especially since the first provisional in 2022 was quickly swept away.

Moreover, this proposal comes up against a huge wall that is the constitution of the United States. This one does not allow a state to have its monetary sovereignty and therefore of its own currency. This therefore means that BTC would have to be accepted throughout the United States.

So will Arizona take over from El Salvador and the Central African Republic by pioneering the adoption of Bitcoin around the world? Answer in the next few weeks.

πŸ‘‰ Goldman Sachs crowns Bitcoin (BTC) as the best asset of the moment

Progress in the world of cryptocurrencies with Cryptoast experts πŸ“˜

toaster icon

Source : law Project

Newsletter 🍞

Receive a summary of crypto news every Monday by email πŸ‘Œ

What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our privileges.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or additional loss following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk price must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.

To go further, read our pages Financial situation, Media Transparency and Legal Notice.

#Senator #Offers #Bitcoin #BTC #Legal #Tender #Arizona #Cryptomonnaie

Related Articles

Back to top button