KGUN 9 On Your SideNewsStatewide News

Actions

New Senate Bill would make Bitcoin legal tender in Arizona

Cryptocurrency use possibly coming soon
Bitcoin plunges more than $3K after hitting new record
Posted at 12:43 PM, Jan 28, 2022
and last updated 2022-01-28 14:57:30-05

TUCSON, Ariz. (KGUN) — Senator Wendy Rogers, a Republican, has introduced a new Senate Bill which would make Bitcoin a legal tender across the Grand Canyon State.

S.B. 1127 State agencies; payments; cryptocurrency could allow state agencies to accept cryptocurrencies as a payment method of fines, civil and other penalties, rent, rates, taxes, fees, charges, revenue, financial obligations, and "special assessments" due to the state.

The bill defines cryptocurrencies as:

1. "CRYPTOCURRENCY" MEANS ANY FORM OF DIGITAL CURRENCY IN WHICH

ENCRYPTION TECHNIQUES ARE USED TO REGULATE THE GENERATION OF UNITS OF

CURRENCY AND VERIFY THE TRANSFER OF MONIES, OPERATING INDEPENDENTLY OF A

CENTRAL BANK, INCLUDING BITCOIN, ETHEREUM, LITECOIN AND BITCOIN CASH.

2. "CRYPTOCURRENCY ISSUER" MEANS AN ISSUER OF ANY FORM OF

CRYPTOCURRENCY, INCLUDING BITCOIN, ETHEREUM, LITECOIN AND BITCOIN CASH.

If passed, S.B. 1127 would take effect from and after Saturday, December 31.

----

STAY IN TOUCH WITH US ANYTIME, ANYWHERE