Bitcoin is proposed to become legal tender in the state of Arizona

The past year has been rough for Bitcoin, as its price has fallen nearly 60% from its peak. This reduced much of the hype around bitcoin, but not all of it. There are still many believers in the future of cryptocurrency, Arizona Sen. Wendy Rogers among them.

Rogers, a Republican supporter of Donald Trump, was elected to the Senate from Arizona in 2020, on Tuesday. Submit a bill That would make bitcoin legal in the country. followed in El Salvador footsteps, whose polarizing boss filed a legal tender for bitcoin in 2021, the bill, if passed, would give bitcoin the same legal status as the US dollar. It can be used to pay off debts, taxes, and as a commercial medium of exchange.

Invoices Co-sponsored By Rogersellow Rogers State Senate Repubicans Jeff Winninger and JD Mesnard. Barring support from state Democrats, bills can pass with the unified support of state Republican senators and representatives. Republicans hold 16 of Arizona’s 30 Senate seats and 31 of the 60 seats in the House of Representatives.

a A similar bill was introduced by Rogers In 2022, it was quickly dropped. Rogers Also suggested Allowing voters in 2024 to decide whether cryptocurrency should be exempt from taxation in the state.

Centralized digital money controlled by central bankers is slavery. Rogers tweeted in AprilBack to Bitcoin’s libertarian roots. Decentralized Bitcoin is freedom.

El Salvador is famous for adopting Bitcoin as legal tender. Led by President Najib Bukele, the country was wiped out It is worth an estimated $107 million to buy Bitcoin, with these holdings now worth about half that amount. The besieged country’s government spent other estimates $268 million to create a digital infrastructure for bitcoinincluding a $30 incentive for everyone who signs up for Chivo’s official bitcoin wallet.

Critics say that the adoption of bitcoin was a cost that the heavily indebted country could not afford. Proponents say bitcoin is a More efficient means of transfers And that the country’s sharp tourism recovery post-COVID could be It has been at least partly diverted to crypto-tourism.

Arizona is not alone in grappling with cryptocurrency regulation. Last week, lawmakers in Missouri and Mississippi sought just that The Craft Act that protects the rights of citizens to mine bitcoina process that consumes a lot of electricity which was banned in New York last year.