Senator Proposes a Bill to Make Bitcoin Legal Tender

Arizona’s state senator introduced a bill that would legalize bitcoin. Although the US federal law does not allow states to create their own currencies, this bill could spark some interesting discussions.

  • A draft bill, SB 1341, was introduced by Wendy Rogers, a Republican state senator. It seeks to give bitcoin legal status as a transactional currency. The Grand Canyon state will be first to examine this development if the bill is passed by the state senate or house of representatives.
  • Sen. Rogers introduced the bill that defines legal tender.

“Any medium of trade that is authorized under the United States Constitution and Congress for payment of debts or public charges, taxes, or dues.”

“Bitcoin” is a decentralized, peer to-peer digital currency that can be used for transactions. New units of currency can be generated by solving 21 mathematical problems. It operates without the intervention of any central bank.

  • The senator tweeted in September 2017 that she wanted Arizona to be crypto-friendly.

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

  • Rogers was elected to the Blockchain and Cryptocurrency Study Committee’s 3-member board on December 31, 2021. The committee’s term will expire on December 31, 2022 when it is expected to submit its report.
  • The bill that would legalize bitcoin is expected to spark a new round of discussion in the country about bitcoin’s acceptance and adoption.
  • A September 2021 survey found that 30% of voters in swing states wanted cryptocurrency legalization. According to the survey, 37% of Texas and Wisconsin residents favored bitcoin as a legal currency. This was compared with 25% in Arizona, which was one of 10 swing states included in the poll conducted by Redfield & Wilton Strategies, a London-based market research and polling firm.
  • El Salvador is currently the only country to accept bitcoin as a legal currency. However, Lord Fusitua, a former Tonga Parliamentarian, recently stated that Tonga would soon adopt bitcoin as a legal currency by November of this year.