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The last year has been unkind to bitcoin, with its price dropping nearly 60% from its peak. That's dampened a lot of the hype throughout bitcoin, but not all of it. There are smooth many believers in the cryptocurrency's future, with Arizona situation Sen. Wendy Rogers among them.
Rogers, a pro-Donald Trump Republican elected to Arizona's senate in 2020, on Tuesday submitted a bill that would make bitcoin just tender in the state. Following in the footsteps of El Salvador, whose polarizing president made bitcoin legal tender in 2021, the bill, if succeeded, would afford bitcoin the same legal status as the US bucks. It could be used to pay debts, taxes and as a company medium of exchange.
The bills are co-sponsored by Rogers' situation senate Repubican colleagues Jeff Weninger and J.D. Mesnard. Barring wait on from state Democrats, the bills could pass with uniform funding from the state's Republican senators and representatives. Republicans hold 16 of Arizona's 30 situation senate seats and 31 of its 60 House of Representative spots.
A inequity bill introduced by Rogers in 2022 was quickly shot down, nonetheless. Rogers has also proposed allowing voters in 2024 settle whether cryptocurrency should be tax exempt in the state.
"Centralized digital cash controlled by the central bankers is slavery," Rogers tweeted in April, hearkening back to bitcoin's Libertarian roots. "Decentralized Bitcoin is freedom."
Most unpleasant for its adoption of bitcoin as legal tender is El Salvador. Led by President Nayib Bukele, the country has exhausted an estimated $107 million buying bitcoin, with those holdings now obedient about half that amount. The beleaguered country's government exhausted another estimated $268 million setting up digital infrastructure for bitcoin, including a $30 incentive for everyone who signed up for its official bitcoin wallet, Chivo.
Critics say the adoption of bitcoin was a cost that the heavily indebted farmland couldn't afford. Proponents say bitcoin is a more efficient operating for remittances and that the country's sharp post-COVID portable recovery can be chalked up at least partially to crypto tourism.
Arizona isn't alone in grappling with the rule of cryptocurrency. Last week, lawmakers in Missouri and Mississippi sought to craft law defensive citizens' rights to mine bitcoin, an electricity-guzzling process that was banned in New York last year.
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