Arizona Mulls Making Bitcoin a Legal Tender

A bill has been introduced by Arizona State Senator Wendy Rogers, a Republican representing the Grand Canyon State’s 6th District, to make the digital currency of Bitcoin a legal tender in the state of Arizona.

The proposed bill would make bitcoin a legal currency in Arizona, enabling citizens to make payments towards debts, public fees and taxes using the digital currency. Arizonans would even be able to receive their salaries in bitcoin. If the bill passes, Arizona would be the first state in the U.S. to make a cryptocurrency legal tender.

According to the Coinbase website, there will only ever be 21 million bitcoin, because the digital currency cannot be inflated or “manipulated in any way.” The price of a bitcoin in US dollars is susceptible to skyrocketing, with the current amount of a bitcoin being 37,905.01 USD. But bitcoins can also be broken down into smaller units. The satoshi is equivalent to 100 millionth of a bitcoin.

Senator Rogers has previously stated to make her state crypto-friendly, and was appointed to the Blockchain and Cryptocurrency Study Committee last September.

The bill’s introduction may be awkwardly timed. According to a Bloomberg report, President Biden plans to release an executive order which would task federal agencies to assess the risks and opportunities of cryptocurrency in the United States, as a matter of national security. The order is expected as soon as next week, but what it means for Roger’s bill remains unknown.

Texas may also consider making Bitcoin a legal tender. Don Huffines, Republican gubernatorial candidate and businessman, says he wants to make Texas a “bitcoin citadel” if he was elected into office.

In September, El Salvador became the first country in the world to make bitcoin a legal currency. President Nayib Bukele introduced a bill equating bitcoins currency to American dollars as well as other currencies with the status of legal tender there.