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.
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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.
Centralized digital currency controlled by central bankers is slavery. Decentralized #Bitcoins is freedom.
— Wendy Rogers (@WendyRogersAZ) April 2, 2022
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.
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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.
👉 Goldman Sachs crowns Bitcoin (BTC) as the best asset of the moment
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Source : law Project
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