Has the United States set out to change its relationship to cryptocurrency? Until then, with the exception of El Salvador, Bitcoin and other cryptocurrencies are not considered legal tender anywhere. You can’t claim to use it to pay taxes, goods and services – so far cryptocurrencies are considered assets like stocks on the stock market.
However, the question of giving it a legal tender has come up regularly for several years. The idea is that Bitcoin makes it possible to dispense with the control of central banks and banks in general, through its largely decentralized and automated structure.
Can Arizona adopt bitcoin as the currency of all of the United States?
Adopting Bitcoin as a currency can also be a good way to avoid the harmful effects of a currency that is too weak or riddled with inflation – while preventing direct action on prices. Which can avoid in the long run inflationary phenomena associated with economic recovery policies.
These advantages, in addition to allowing the state to become a kind of laboratory and incubator for initiatives around cryptocurrency paid El Salvador, led by Neb Bukele, to adopt bitcoin as legal tender. However, this choice is still very risky. over the past year, The Bitcoin price has lost 60% of its value.
However, these risks do not prevent Arizona Senator Wendy Rogers (R) from going back several years to the charge specifically for allowing Bitcoin to be legal tender in the state. That support for Trump elected in 2020 has just introduced a bill to that effect.
This isn’t the first time: The elected official made a first (quickly thwarted) attempt in 2022. But this time his bill has more support and more chances in a Republican-majority state. Along with this bill, the senator is also proposing a 2024 referendum that could exempt cryptocurrencies from taxes in the state.
If the senator’s bill is passed, bitcoin will de facto have the same legal status as the dollar – only in Arizona, of course, but already allowing for new possibilities across this state. Especially since the index elsewhere in the US is also moving along with the crypto promoters.
Missouri and Mississippi will vote on a proposed law that, if passed, would protect the right to mine cryptocurrency in those states. A reaction to the New York state’s decision banning cryptocurrency mining on its territory since last year.