To be considered a Transactional Currency In The Senate Proposals to Legalize or Proposes Legalizing Cryptocurrencies

To be considered a Transactional Currency In The Senate Proposals to Legalize or Proposes Legalizing Cryptocurrencies

The senator from Arizona has introduced the amendment to Arizona which aims to make legal bitcoin as a currency. Although federal law in the US federal law doesn’t allow states to establish their own currency and the bill is expected to become the subject of discussion.

• State senator State Senator Wendy Rogers, a Republicanthat wants to give bitcoin the status of legal tender. If the bill is debated and then voted on by the state’s Senate, it is expected that legislators from The Grand Canyon state will be the first US state to study the issue.
• Legislation proposed by Senator. Rogers was proposed by Sen. Rogers defines legal tender as

“Any way of exchange that has been accepted in the hands of either Congress or by the United States Constitution or Congress for the payment of public charges as well as dues and debts. “

“Bitcoin is a reference to the decentralized peer-to peer digital currency in which an transaction’s record is stored in the Bitcoin blockchain. Bitcoin blockchain is in addition to currency units that are new are generated by an algorithmic solution to 21 mathematical issues . It is completely independent of central bank. “

• In September last year , had senators come up with Arizona as a crypto-friendly state.

“I will work to to make Arizona cryptocurrency-friendly. “

• Rogers was appointed an official member of the three members of the 3 Blockchain and Cryptocurrency Study Committee with three members as of December 31, 2021. The term of the committee will expire in 2022 on the 31st of December . This is the day when the committee is scheduled to submit its report.
• The proposal to introduce legislation that makes bitcoin legal tender could cause a second round of discussion throughout the nation regarding the increasing acceptance of bitcoin as well as its widespread adoption.
• According to the results of a survey conducted in September 2021, 30 percent of those who voted in states that are states with swing votes said they were in favor the legalization of cryptocurrency. The survey reported the proportion of those who favored acceptance of Bitcoin as a forms of currency used for payment in Texas and Wisconsin was 37% as compared to 25 percent in Arizona which was one of the states which were included in the study conducted by the polling and market analysis firm Redfield & Wilton Strategies.
• In the moment, El Salvador is the only country that has adopted bitcoin as an currency that is legal. However, the ex- Tonga political leader Lord Fusitua recently announced that Tonga could be able to accept bitcoin as a currency that is legal in November this year.