By: April Carson
Arizona state representative Wendy Rogers has introduced a bill that would legalize bitcoin as a legal currency in the United States. If passed, House Bill 2014 would recognize bitcoin as a legal tender in Arizona.
House Bill 2014 says that "Bitcoin is considered to be property if the issuer uses it as a medium of exchange".
The Arizona House of Representatives has passed a bill to make bitcoin a lawful medium of exchange in the state and list it on the same level as cash, bonds, bank checks, money orders, and other instruments. Citizens will be able to pay public charges, taxes, debts, and dues with bitcoin if this legislation passes.
If the bill passes, all present financial transactions in US dollars may most likely be completed in bitcoin in the state, including payments and payouts. Citizens could elect to receive their salaries in bitcoin and businesses would have complete discretion over when and how they can utilize bitcoin.
The Act uses the phrase "Bitcoin" rather than cryptocurrency in general, and it does not include any other digital currency beside the original and only P2P system that has solved the problem of digital cash.
If the bill passes, Arizona could become the first state in the United States to legalize bitcoin as legal currency.
After President Nayib Bukele submitted a bill in September that would compare bitcoin to US dollars, making it the first nation in the world to make it a legal currency, El Salvador became the first country in the world to legalize bitcoin.
Encouraging the ability to trade and store wealth in an incorruptible form of money that is also more secure than the dollar is a net benefit to Arizona and its residents.
Similar efforts are also underway in Texas. If he wins the election, Governor candidate Huffines promises to try and legalize bitcoin as a currency in his state, stating: "Texas must stop the federal government from stifling the industry and discriminating against Bitcoin holders."
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
To read more of April's blogs, check out her website! She publishes new blogs on a daily basis, including the most helpful mommy advice and baby care tips! Follow on IG @bossbabymav
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