Arizona’s new bill seeks to make Bitcoin a currency

A set of bills has been introduced by a Senator from Arizona US state to allow the use of Bitcoin as a currency.

Arizona is a state in the Southwestern United States. It is the 6th-largest and the 14th-most-populous of the 50 states. Since Jan 2022, Few Senators from Arizona are working to bring regulatory approval for Bitcoin to use in the payment system, more likely to El Salvador.

On 25 Jan 2023, Wendy Rogers, a Senator from Arizona, introduced a set of bills to bring a law to use Bitcoin as a legal currency in the Arizona US state. 

The priority of these bills is aimed to bring the use of Bitcoin as a payment mode among the government agencies in Arizona and further it will bring the use of Bitcoin among citizens. 

The Arizona Senator also noted that the biggest financial company Goldman Sachs also mentioned in its report that Bitcoin is the best-performing asset in the world. 

Perhaps Bitcoin is still down by 64% from its all-time high, which is $69k per BTC, but still, here data has been taken for Bitcoin for this year only. 

Arizona, Bitcoin & challenges

Initially when Arizona’s Senator proposed his idea to introduce Bitcoin as a currency on behalf of the existing amendments in the US constitutions, then many experts noted that it will be highly challenging for Arizona to use Bitcoin as a form of currency because as per the constitutions, US states have the authority to use new or non-US dollar currency among their government agencies but it will force that US state to pay a very high amount of tax in the form of payment fees, as a case of US & non-US fiat currencies exchange. 

In short here we can say that, if bill passed then it will allow use of Bitcoin as a medium of payment system in Arizona and Bitcoin supported payment services will remain limited within Arizona State.

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