Source : zycrypto.com
A senator from Arizona has introduced a bill that would allow the state to adopt bitcoin as legal tender. The bill, if passed, would require citizens and businesses in Arizona to accept bitcoin as payment alongside the U.S. dollar.
However, the chances of this legislation succeeding are quite low because the United States Consitution currently bars states from creating their own legal tender.
Arizona Senator Wants To Make BTC Legal Tender
Republican Senator Wendy Rogers has brought forward a bill that looks to amend the state’s listed types of legal tender to include bitcoin. This indicates that the “decentralized peer-to-peer digital currency” would also be used as a payment method for debts, public charges, taxes, and dues.
The proposed bill, SB 1341, must be passed in the Arizona state senate and house before it can be signed into law by the current governor Douglas Anthony Ducey.
Sen. Rogers’ bill comes at a time when a slew of countries around the world are considering whether to officially classify bitcoin as their legal tender ever since El Salvador took the leap back in September. Interestingly, a gubernatorial candidate in the State of Texas, Don Huffines, has also recently pledged to make bitcoin legal tender if he’s elected into office.
Legislation Not likely To Pass
Ultimately, Arizona would become the first state in the history of the United States to adopt the number one cryptocurrency as legal tender should the amendment be passed.
However, it seems unlikely that this law could take effect given the fact that the U.S. Constitution plainly forbids individual states from designating legal tender status to assets other than gold and silver.
Besides the possible constitutional barriers, the bill comes on the heels of reports that the Biden Administration is in the course of preparing an executive order that would require government agencies to analyze the risks and opportunities posed by cryptocurrencies, deeming it a matter of national security.
What impact this order, which is expected to be released as early as next month, will have on the Arizona Senator’s bitcoin plans remains to be seen.