Senator Wendy Rogers of Arizona has introduced legislation to the Senate that would recognize Bitcoin as a legal tender in the state.
According to a report by Interesting Engineering, the measure calls for using cryptocurrency as a standard method of payment transmission and receipt for government organizations.
Acceptance of Cryptocurrency Bill If the proposed legislation is voted into law, Arizona will become the first state in the US to formally recognize Bitcoin as a legal tender.
In addition to consumers and businesses utilizing bitcoin to repay debts, taxes, and other financial obligations, state agencies would be permitted to accept it as payment.
It’s important to remember that Bitcoin’s value has decreased by 60% from its all-time high in 2022, a year that did not produce the desired results for the cryptocurrency sector. The new bill, though, would suggest that some people still believe in the potential of Bitcoin.
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Transactions that are now conducted in US dollars can also be made using bitcoin. The adoption of bitcoin as a legitimate form of currency by the general population could advance significantly if the proposed legislation is successful.
According to the “Acceptance of Cryptocurrency Bill,” bitcoin will function as a decentralized, peer-to-peer digital tender, which means that it is not controlled by a single organization like banks or the government but rather runs on a computer network.
All transactions performed on the Bitcoin network are recorded on the public ledger known as the Bitcoin blockchain. New bitcoins are produced through a process known as mining, which involves solving difficult mathematical riddles.
The mining procedure, which also controls the generation of bitcoins, ensures the network’s integrity.