Arizona Takes a Step Towards Crypto Adoption with Bitcoin Legalization Bill
The crypto market has been on the rise lately, with Bitcoin (BTC) recently hitting its highest price since August 2022.[0] This could be due to the recent news that Arizona has introduced a bill that would make Bitcoin a legal currency in the state. If the bill is passed into law, it would be the first state in the US to recognize Bitcoin as a legal form of payment.
Arizona state senator Wendy Rogers has proposed the “Acceptance of Cryptocurrency Bill”, which if approved, would make Bitcoin a legal currency in the state.[1] This would mean that citizens would be able to use Bitcoin to pay for debts, taxes, rent, penalties, and other fees, and state agencies would also accept it as payment.
The bill also seeks to prevent Arizona authorities from taxing the use of blockchain, which is the technology behind Bitcoin.
The news has been welcomed by investors across the crypto-sphere, who have seen Bitcoin’s price rally over 53% since its low of US$15,476 in November 2021.[2] Now trading around US$23,000, there is much talk that the bottom has finally been reached for the leading cryptocurrency after a year of painful decline.[2]
If the bill passes, Arizona would be the first US state to recognize Bitcoin as legal payment for any monetary debt, and it could open the doors for other states to follow suit.
This news is a sign that the crypto market may be recovering following a bear market, and could be a positive step towards the adoption of cryptocurrency.[0]
0. “Bitcoin (BTC) Stabilizes After A Turbulent Year, Orbeon Protocol …” techbullion.com, 27 Jan. 2023, https://techbullion.com/bitcoin-btc-stabilizes-after-a-turbulent-year-orbeon-protocol-orbn-surges/
1. “Arizona Senator Aims to Make Bitcoin a Legal Currency | iTech Post” www.itechpost.com, 27 Jan. 2023, https://www.itechpost.com/articles/116256/20230127/arizona-senator-aims-make-bitcoin-legal-currency.htm
2. “Bitcoin has shot up 50% since the new year, but here’s why new …” theconversation.com, 27 Jan. 2023, https://theconversation.com/bitcoin-has-shot-up-50-since-the-new-year-but-heres-why-new-lows-are-probably-still-ahead-198682
