One of the cryptocurrency-related bills submitted by Arizona state senator Wendy Rogers would recognise Bitcoin (BTC) as legal tender in the region.
In a recent tweet, Rogers announced the availability of her cryptocurrency banknotes and referred to research from investment house Goldman Sachs that showed Bitcoin to be the best-performing asset globally.
One of the proposals being thought about is the acceptance of Bitcoin as the state money. If the legislation is passed, Bitcoin will have the same legal status as the US dollar and be accepted as payment for debts, taxes, and other state and local fees and obligations.
In April 2022, a representative of the US government criticised central banks and backed Bitcoin's decentralised blockchain. In 2022, the state senator additionally introduced a related bill. Sadly, it wasn't successful. Despite these obstacles, Rogers still working to advance BTC in the state.
Rogers also participated in the presentation of a bill that would exclude cryptocurrencies from paying property taxes. Voters may choose whether to exempt tokens that don't represent foreign currencies or the USD from taxation if it succeeds in 2024.
After more than a year, it became obvious that recognising Bitcoin as a legal tender would have several benefits. On September 7, 2021, the El Salvadorian government recognised bitcoin as a lawful tender. A projected 1.1 million tourists would come to the nation in 2022.
The new currency that Brazil and Argentina announced plans for on January 22 will coexist with the Brazilian real and the Argentine peso. In response, the CEO of cryptocurrency exchange Coinbase Brian Armstrong suggested that Bitcoin would be a wise "long-term play" for both nations.