Two more bills by Arizona’ Senator to adopt Bitcoin as Currency
Wendy Rogers submitted more bills in efforts to adopt Bitcoin as legal tender in Arizona State.
Arizona is currently planning to move toward the adoption of Bitcoin as currency alongside the use of the US dollar. In short, we may say that Arizona wants to follow El Salvador, but here Arizona is a dependent state of the US and El Salvador is a central American Nation, which is fully independent.
Wendy Rogers, Senator from Arizona, submitted her first proposal to adopt Bitcoin as Currency last Friday. At that time, many experts claimed that huge taxes and separate currency to use crypto in payment methods will not give success to Arizona to adopt Bitcoin as a currency. Probably, Wendy prepared its two new bills in response to such questions.
Two news bills submitted on Tuesday are SB1127 and SB1128.
SB1127 includes the amendment Section 1, Title 35, Chapter 1, Article 3 of the Arizona Revised Statutes. Under this amendment, Wendy noted that the agency is allowed in the state to accept/facilitate payments transactions under particular obligations.
It is based on the foundation 2018, which allows the state residents to pay tax with the use of certain cryptocurrencies like Bitcoin and Ethereum. If payments settlement can be done in US dollars with the use of such mediums as Bitcoin or Ethereum like assets then it could be used for Arizona citizens easily.
On the other hand, the SB1128 bill aimed to cut down the taxes on the use of crypto assets in the payment system. Under the existing rules and laws of US constitutions, Bitcoin and Ethereum can be used as stores of value and medium of exchange but these are units, not fiat value.
Through these two new bills, the Arizona senator confirmed that there can be no reason against the proposed idea to adopt Bitcoin as a currency. However, reports believe that the proposed bill to use currency in the payment system is getting huge backlash from the many legal and political impediments.
Traditional financial services leaders are not in favor of crypto use cases in the payment system and also many traditional banking system supporters claimed that such decisions may bring a big financial instability.
Read also: El Salvador president new indirect response against Bitcoin critics
