US Senator Introduces Bill To Make Bitcoin Legal Tender: Report

Last year, the senator introduced a similar bill to convert Bitcoin into a legal tender that was suspended soon.

Arizona won't be the first to adopt Bitcoin as a legal tender for transactions.

Source : Getty

A US Senator from the state of Arizona tabled a bill to make Bitcoin a legal tender among multiple other crypto bills on January 25. Wendy Rogers, an Arizona State Senator, believes that centralised digital money under the control of central bankers amounts to slavery. She added that the decentralisation of Bitcoin will be nothing short of freedom. The crypto bills launched by her have been co-sponsored by Arizona state senate Republican colleagues such as Jeff Weninger and J.D. Mesnard.

The bill on making Bitcoin a legal tender defines cryptocurrency as "the peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain." It also said that the new units of currency are generated from computational solutions to mathematical problems, operating independently of any central bank.

Rogers tweeted, "Launched my first crypto bills today." She also said that Bitcoin is the best-performing asset in the world.

“Breaking: #Bitcoin is the best performing asset in the world this year according to data from Goldman Sachs.”

Launched my #Crypto bills today, as well as Photo Radar Prohibition, which included nearly all my Republican senator colleagues as cosponsors @JeffWeninger @JDMesnard pic.twitter.com/ueUeFSEybo

— Wendy Rogers (@WendyRogersAZ) January 25, 2023

Her other bills suggest granting permission to state agencies to come "into an agreement with a cryptocurrency issuer to provide a method to accept cryptocurrency as a payment method." These payments will also include fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations, and other evaluations to ensure any amount payment.

However, this is not the first time Rogers has introduced legislation to make Bitcoin legal tender in her state. Last year, she introduced a similar bill on Bitcoin that was soon suspended. In April 2022, she tweeted, "Centralised digital money controlled by the central bankers is slavery. Decentralised bitcoin is freedom."

Meanwhile, Arizona won't be the first state to adopt Bitcoin as a legal tender for transactions. In September 2021, El Salvador emerged as the first nation in the world to make Bitcoin a legal tender for payments. Nayib Bukele, El Salvador's president, is widely known for his love for Bitcoin. The country has already bought thousands of Bitcoins for its state treasury. Last year, in November, Bukele also said that his country has been purchasing a Bitcoin per day.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.