Arizona would register as the first state in the United States to make BTC legal tender. At the end of last month, the Arizona legislature introduced a new bill to enable BTC legal tender within the United States. If the Bill is approved, Arizona will become the first United States in which BTC has legal tender status.
The action that might seem unrealistic to several digital assets skeptics is similar to the one created by El Salvador in September 2021, when it registered as the first nation in the universe to make BTC legal tender.
Ever since, the government of El Salvador, headed by President Nayib Bukele, has become one of the spoken supporters of BTC on the global platform. The introduced Arizona Bill formerly indicated that BTC could be used as a commodity of trade to pay public charges, dues, debts, taxes, and licenses.
There will also be a need for entrepreneurs, companies, and people in business to adopt BTC as payment for all commercial exchanges. In reality, holding twenty dollars in your leather wallet is like holding twenty dollars of BTC in your virtual digital blockchain wallet.
BTC is already legal within the United States. However, the Arizona Bitcoin bill could increase an entirely new dimension. It will affect every business within the state, which had a gross domestic product of 337.42 billion dollars a couple of years ago.
That is more than ten times the size of El Salvador’s national gross domestic product. In addition, the Arizona legislature rolled out a bill that could make virtual digital assets tax-exempt property.
In other words, the Arizona state government would not tax individuals on their digital asset holding. Wendy Rogers, the state senator, tried to approve the Bill last year, and it was overthrown on its second reading.
Moreover, several legal experts argue that the BTC bill would be unlawful under the contract clause of the United States Constitution, which prevents states from distributing their funds. So regardless of the new Arizona bill approval, it may get wrapped up in the courts for a significant time.
The Worldwide Allure of BTC
Arizona might change into a $ 337 billion market advantage for the initial coin at some point. That would only be witnessed if everybody within the state eventually adopted BTC. That will probably be witnessed if there is another strong BTC bullish market rally in which everybody is becoming rich.
When the government of El Salvador made BTC legal tender a couple of years ago, that was the situation. Following these events, skeptics must know that BTC has recently improved its global legitimacy.
In December last year, for instance, Brazil approved a sweeping new BTC bill. The pacific Island nation of Fiji also swore in a professional BTC prime minister. Additionally, many Caribbean island nations are now strategizing to make virtual digital assets legal tender.
The New Bill’s Potential Impact
For instance, in El Salvador, the approval of the BTC legal tender had some significant positive impact. For example, BTC has made it much easy for citizens of El Salvador living outside the nation to send remittances back home.
This action is essential because El Salvador is one of the leading nations in the universe when it comes to remittances. Significantly, the approval will have several positive impacts on the citizens of Arizona.
