US state may make bitcoin legal tender

US state may make bitcoin legal tender

US Senator Wendy Rogers has introduced a bill to make bitcoin legal tender in Arizona this week. With the bill, SB 1341, the Senator is seeking to amend the list of currently accepted legal tender to include bitcoin. This would allow the use of the digital token for the payment of public charges, taxes, debt and other purposes.

However, the US Constitution does not allow individual states to create their own legal tenders. This leaves the question on whether the bill could come into effect as law. The bill would have to pass the Arizona state senate and house and then be signed into law by the State Governor Doug Dukey. However, if indeed passed, the bill could set up a precedent for other US crypto-friendly states.

Many US states have become increasingly interested in Bitcoin and cryptocurrencies in general. Florida Governor Ron DeSantis last month pitched a plan that would allow businesses in the state to pay taxes in cryptoсurrency. Legislators in Wyoming have been mulling using blockchain to boost transparency in the way public funds are spent, while Ohio in 2018 became the first US state to allow taxes on digital assets, but had to scrap the program due to concerns that it was substandard. 

New York Mayor-elect Eric Adams took one of his paychecks in bitcoin, while candidate for Texas governor Don Huffines recently said he would make bitcoin legal tender if he’s elected. Moreover, recent reports state that the US government itself has a sizable hoard of cryptotokens.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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