In a recent development, a bill has been passed by a senator in Arizona, Wendy Rogers. The bill titled SB 1341 states that Bitcoin should be accepted as legal tender in the state.
If this bill is endorsed, the people of Arizona can start using BTC for transactions. This move is a welcome development in the blockchain community.
Since the inception of digital assets, crypto users are waiting for different states to adopt the usage of coins and tokens as payment for goods and services.
The state of Arizona is taking a bold step in that direction. Wendy stated that the legislation aims to add BTC as one of the accepted means of payment. Citizens can use BTC when paying for a public charge, including taxes.
Endorsement Of The Bill
Gradually, the world is driving towards a crypto-based community. Arizona is the first state in the United States considering this possibility.
If this bill is passed into law, BTC will become a legal tender. The bill stated that;
”Bitcoin is a decentralised peer-to-peer digital currency where a series of transactions are maintained on the blockchain technology the platform is running on. New units of the currency are usually generated by a computational solution of some set of mathematical problems. This operation is independent of a central bank.”
A user on Twitter that goes by the ID, APompliano, tweeted;
“It seems a bill was put forward in the state of Arizona to make BTC a legal tender within the state”
It appears that a bill has been put forward in Arizona to make #bitcoin legal tender within the state. https://t.co/tdYS7TVagP (h/t @crmykins) pic.twitter.com/v1CDZ3zI5M
— Pomp 🌪 (@APompliano) January 28, 2022
The 1st nation to adopt BTC as a legal tender in El Salvador. Citizens of the country can carry out daily transactions using Bitcoin.
Many companies in the state of El Salvador are currently working tirelessly to make the speed of transactions using Bitcoin much faster.
Although there has been a recent drop in the market price of BTC and other crypto assets, the market is still expanding.
Last year, BTC reached its highest price of about $69,000. This called for celebration in the crypto society with more people buying the coin. Many users were optimistic that it would pump to $100,000, but it is currently at $37k.
Bitcoin has enormous prospects and has the capacity to rise in the future.
Adopting Bitcoin In the Future
BTC have come a long way and has a lot to do to increase adoption by different countries. For companies and individuals to come on board, the blockchain technology of BTC must be able to handle a large number of transactions. At the moment, about 7 million people living in Arizona will use Bitcoin for daily transactions.
With the current development in the blockchain community, other countries might adopt Bitcoin as means of payment for goods and services.
This will depend on the expansion of Bitcoin in the coming years. The countries will also have to put some regulations before making BTC a legal tender.