As the coronavirus continues to affect the American economy, the value of the U.S. dollar has taken a hit in international markets.
Nevertheless, the U.S. dollar remains one of the most widely-traded and powerful currencies in the world. But now there’s digital money, Bitcoin in particular.
Money has already gone digital and is present in society today in the form of Bitcoin and other cryptocurrency held on exchanges all over the world.
Arizona State Sen. Wendy Rogers, a Republican,has made the latest attempt to make Bitcoin a legal tender which has been introduce to the Arizona State legislators
However, Arizona making bitcoin a legal tender in that state is highly unlikely even in the event that the legislation passes into law.
The bill SB 1341, seeks to amend the list of accepted legal tender to include bitcoin, which means the cryptocurrency would be accepted for the payment of debt, public charges, taxes and other dues.
Whether such a law could go into effect is questionable, given that the U.S. Constitution doesn’t allow individual states to create their own legal tender.
The bill must pass the Arizona state senate and house before Gov. Doug Ducey, a Republican, could sign it into law.
Rogers, who took office in early 2021, is a controversial figure who has ties to the anti-government group Oath Keepers and who praised conspiracy theory group QAnon.
Don Huffines, a Republican real estate developer and current candidate for Texas governor, recently said he would make bitcoin tender if he’s elected.
Last year in June, El Salvador became the first country in the world to make Bitcoin a legal tender. President Nayib Bukele led the push to adopt Bitcoin as legal tender placing it alongside the U.S. dollar.
However, El Salvador asked the IMF for a $1.3 billion loan last year, but the organization is reluctant to hand over the money due to its Bitcoin concerns.
Also the World Bank refused to help El Salvador with its implementation of Bitcoin, and some citizens are far from happy about using cryptocurrency.
