Arizona Senator Introduces Bills That Can Make Bitcoin Legal In 2023
On February 1st, Arizona Senator Wendy Rogers announced her bill which “exempts virtual currency from property taxes.” This SB1128 bill defines virtual currency as “a means of digital representation of value, other than a representation of the United States dollar or a foreign currency, that functions as a unit of account, a store of value or medium of exchange.”
Before that, she introduced bill number 1127, which “allows for paying taxes, fines, and other payments to the government in #Bitcoin, #Litecoin, #Ethereum, #BitcoinCash, and others.”
Section two of the bill addresses the proposal’s conditional enactment. It adds that the bill will be put to a vote in the next general election, which means that Arizona people will most likely get the opportunity to vote on tax exemption for cryptocurrencies in 2024. These bills are push for Bitcoin legalization in the U.S. government.
If passed in the Arizona Senate, the bills would become effective after December 31, 2022.
Furthermore, she also revealed another bill, which “prohibits local taxation of blockchain technology.”
“I am going to work to help make Arizona crypto-friendly,” state Sen. Wendy Rogers, had tweeted in September last year.
A few days ago, she has already proposed legislation to make Bitcoin BTC legal tender in Arizona state. “Any medium of exchange that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues,” the legislation says.
It’s debatable if such legislation could be implemented, considering that the United States Constitution prohibits separate states from having their own legal tender. Before Gov. Doug Ducey can sign the legislation into law, it must first pass the Arizona state senate and house.
If the bill is passed, Arizona will be the first state in the United States to recognize bitcoin as legal tender.
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Arizona Senator Introduces Bills That Can Make Bitcoin Legal In 2023
On February 1st, Arizona Senator Wendy Rogers announced her bill which “exempts virtual currency from property taxes.” This SB1128 bill defines virtual currency as “a means of digital representation of value, other than a representation of the United States dollar or a foreign currency, that functions as a unit of account, a store of value or medium of exchange.”
Before that, she introduced bill number 1127, which “allows for paying taxes, fines, and other payments to the government in #Bitcoin, #Litecoin, #Ethereum, #BitcoinCash, and others.”
Section two of the bill addresses the proposal’s conditional enactment. It adds that the bill will be put to a vote in the next general election, which means that Arizona people will most likely get the opportunity to vote on tax exemption for cryptocurrencies in 2024. These bills are push for Bitcoin legalization in the U.S. government.
If passed in the Arizona Senate, the bills would become effective after December 31, 2022.
Furthermore, she also revealed another bill, which “prohibits local taxation of blockchain technology.”
“I am going to work to help make Arizona crypto-friendly,” state Sen. Wendy Rogers, had tweeted in September last year.
A few days ago, she has already proposed legislation to make Bitcoin BTC legal tender in Arizona state. “Any medium of exchange that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues,” the legislation says.
It’s debatable if such legislation could be implemented, considering that the United States Constitution prohibits separate states from having their own legal tender. Before Gov. Doug Ducey can sign the legislation into law, it must first pass the Arizona state senate and house.
If the bill is passed, Arizona will be the first state in the United States to recognize bitcoin as legal tender.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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