New Bill Seeks to Make Bitcoin Legal Tender in Arizona

von Eva Fox Februar 01, 2022

New Bill Seeks to Make Bitcoin Legal Tender in Arizona

Senator Wendy Rogers recently introduced a bill in Arizona that aims to make Bitcoin a form of legal tender in the state. At the moment, it is viewed as having no chance of success, since the US constitution prohibits states from declaring assets as legal tender.

Arizona senator Wendy Rogers has introduced a bill aimed at making Bitcoin legal tender in the state. The filing, under number SB1341, would amend Arizona's revised charter to include Bitcoin as a form of legal tender. The application specifically mentions Bitcoin and not any other cryptocurrencies. It also draws attention to Bitcoin mining, noting that “new units... are generated by the computational solution of mathematical problems,” and notes that Bitcoin operates independently of central banks, according to Сrypto Briefing.

At this point, there is speculation that the bill is unlikely to succeed for legal reasons. Article I, Section 10, Clause 1 of the US Constitution expressly prohibits states from declaring assets as legal tender other than gold or silver coins: “No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts,” the document reads.

El Salvador became the first country in the world to accept Bitcoin as legal tender in September 2021.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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