Arizona State Senator proposes a bill to adopt Bitcoin as Currency
Arizona State may adopt Bitcoin as a Currency like El Salvador.
El Salvador is the first country in the world which adopted Bitcoin as Currency in its law officially on 7 September. Now the crypto community is waiting to see the next country, which will go with Bitcoin adoption. Recently few countries showed their intention to go with Bitcoin.
In the latest, Wendy Rogers, Senator at Arizona State, proposed a bill to adopt Bitcoin in the payment system, more likely as a currency.
On Wednesday, the discussion on this bill was the second day. The final vote session on this proposal is still not scheduled or may be scheduled but not disclosed in the public domain yet.
On this proposed bill, a few crypto experts shared their stance and claimed that US constitutions may bring a big challenge against the bill.
Preston Byrne, the partner at law firm Anderson Kill, explained on this proposed bill and said that
“The Coinage Clause of the Constitution means that the power to determine what is and isn’t legal tender in the United States is the exclusive province of Congress…If enacted, (the bill) would be largely symbolic”
The expert also noted that the majority of the states in the 1800s failed to issue their own printed notes (currency) because of high tax by Congress Bank to use in the payment to other banks.
Byrne also noted that even if Arizona will succeed to pass this bill to adopt Bitcoin in the payment system, in reality, it will be a type of failure for the state because payment with the use of Bitcoin will go through the federal tax system.
“Arizona could certainly pass a law like this and the state government could choose to accept bitcoin as payment for Arizona taxes, but this would not change the legal treatment of Bitcoin as property from a federal tax perspective.”
Here situation for Arizona is not like El Salvador but probably it may give an advantage to the citizens of El Salvador, which are living in Arizona. Around 0.3% population of El Salvador is currently living in Arizona State.
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