News

Arizona Senator Introduces Bills That Can Make Bitcoin Legal In 2023

Arizona Senator Introduces Bills That Can Make Bitcoin Legal In 2023 3

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

Hazel

CoinCu News

Victor

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

2 hours ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

2 hours ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

3 hours ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

4 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

6 hours ago

This website uses cookies.