The State Of Arizona Implements Bitcoin Proposals As A Payment Equipment

JAKARTA - Arizona, the state of the United States, is likely to be one of the first states to recognize Bitcoin as legal tender.

This is because Wendy Rogers, a Republican member representing Arizona in the state Senate, has submitted a proposal for a bill aimed at making Bitcoin a legal tender in Arizona and enabling state entities to accept bitcoin as payment.

The bill proposed by Rogers would allow the use of bitcoin to pay off debt, taxes, and other forms of financial liability in the state.

This means that every transaction currently made in US dollars can be done using bitcoin and both people and companies will have the option to use bitcoin in any way they deem appropriate.

According to the bill, state institutions are given the option of partnering with crypto publishers and accepting cryptocurrencies as a form of payment that is acceptable for various fines, penalties, and other fees that may have to be paid to the government or its subsidiaries. These include leases, taxes, service fees, income requirements, and other assessments.

The proposal of this bill indicates that Arizona is working to become one of the most innovative states in terms of financial technology and demonstrates the state's commitment to supporting the development of blockchain technology. The bill will also make Arizona one of the most pro-crypto states in the country.

A number of state governments in the United States appear to be increasingly interested in bitcoin potential and other cryptocurrencies. This can be seen from recommendations issued by a panel in the state of New Hampshire last December, which suggests an energy strategy across states for bitcoin mining. In addition, legislators in Arizona are also trying to make crypto assets tax-free.

The proposal, which is being considered in the Arizona state Senate, will put the decision on whether to exclude virtual currencies from property taxes or not in the hands of voters. If the bill is approved by the legislature, citizens will have the opportunity to vote in November 2024 on whether to waive virtual money from taxes or not.

This is not the first time the state government in the US has sought to regulate cryptocurrencies. In 2018, a bill introduced would allow residents to make tax payments in cryptocurrencies, but the bill was eventually vetoed by the state governor at the time. However, with increasingly high interest in bitcoin and other cryptocurrencies, the chances of passing such measures are getting bigger.