To Be Considered A Transactional Currency, As Per The Senate Proposals To Legalize / Proposes Legalizing Cryptocurrency

To Be Considered A Transactional Currency, As Per The Senate Proposals To Legalize / Proposes Legalizing Cryptocurrency

The state’s senator proposed an amendment in Arizona that aims to legalize bitcoin as a tender. Even though it’s true that the US federal law does not allow states to develop their own currency, the bill is likely to be a topic for debate.

  • State Senator Senator Wendy Rogers, a Republicanthat seeks to confer on bitcoin the status of a legal tender. If the bill is discussed and voted upon by the state’s senate, as well it is anticipated that state legislators in the Grand Canyon state will be the first US state to look into this issue.
  • Legislation introduced by Sen. Rogers was proposed by Sen. Rogers defines legal tender as

“Any method of exchange that is approved to be used by either Congress or the United States Constitution or Congress to pay public charges taxes, dues and debts.”

“Bitcoin refers to the decentralized peer-to-peer digital currency that an account of transactions is kept in Bitcoin’s blockchain. Bitcoin blockchain in addition to new currency units are created through the algorithmic solution to 21 mathematical problems . It is independent from central banks.”

  • The senator in September of last year had senators had create Arizona as a crypto-friendly state.

“I will work to to make Arizona cryptocurrency-friendly.”

  • Rogers has been appointed as a member of the 3 member Blockchain and Cryptocurrency Study Committee, which has three members on December 31st 2021. The committee’s term expires in 2022, on the 31st of December which is when the committee will present its report.
  • The decision to introduce a bill that would make bitcoin legal tender is likely to spark another round of discussion across the nation about the greater acceptance of bitcoin and its adoption.
  • According to a report of a poll in September 2021, 30percent of voters in swing states said they were in favor of for the acceptance of cryptocurrency. The poll reported the percentage of people who supported the legalization of bitcoin form of currency for payment in Texas as well as Wisconsin is 37% as opposed to 25% in Arizona which was which is one of 10 states included in the survey by the polling and market analysis company Redfield & Wilton Strategies.
  • As of now, El Salvador is the only country to have accepted bitcoin as a legal currency. However the former Tonga politician Lord Fusitua recently stated that Tonga could accept bitcoin as a currency legal in November of this year.

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