Wendy Rogers, Republican member of the Arizona state Senate, has introduced bill SB1128, which will exempt bitcoin and other cryptocurrencies from property taxes, while also classifying cryptocurrency as legal tender. The bill also contains provision that shield the right of Arizona residents to operate a verification node on any blockchain.
“This state may not prohibit or encumber the ownership or holding of any form or amount of money or other currency,” says the new bill.
While the proposal is very bold, but if passed, will be in conflict with existing provisions the U.S. constitution which forbid any state from creating legal tender out of anything other than gold or silver.
El Salvador is the only other country that has accepted bitcon as legal tender, although the process has not been without complications, as many people have had difficulty obtaining btc using fiat currency through local financial services providers.
The bill proposed by Senator Rogers also allows for government bodies to accept bitcoin for fines, civil penalties, rent, rates and taxes:
"My bill SCR1013 amends the Arizona Constitution so that it reinforces our rights to hold digital currency and other mutually agreed upon mediums of exchange," said Wendy Rogers.
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