Cryptocurrency is a digital asset that has garnered significant attention, particularly among tech-savvy individuals. While its popularity is evident in the global fan base it has developed, cryptocurrency still has a long road ahead regarding being legally recognized as a tender in the United States.
However, to help the asset bypass this hurdle, Arizona Senator Jared Boldy recently proposed a bill that, if passed, would make Bitcoin an official legal tender in the state. The proposal has been met with support and skepticism from financial circles.
JUST IN: 🇺🇸 Arizona Senator introduces bill to make #Bitcoin a legal tender in the state.
— Watcher.Guru (@WatcherGuru) January 25, 2023
How will this Law Benefit Citizens?
Currently, cryptocurrency is not recognized as legal tender in the US. However, a recently proposed bill could potentially change this designation in the near future, allowing one to buy anything from local merchants without any hassle, which ultimately contributes to the greater usage and integration of these revolutionary digital assets into everyday life. Such vigilance will be paramount for those wishing to maximize their crypto-based investments.
The Republican Senator is an ardent supporter of cryptocurrency and has frequently lauded its merits on social media networks and consistently praises it as the preeminent financial asset. She believes that digital asset investment potentials far outstrip traditional avenues, often citing anecdotal stories to exemplify these fluctuations in health-giving detail. By leveraging her position, she strives to contribute towards the continued expansion of cryptocurrencies around the globe.
Apart from Arizona, other state lawmakers such as California, Colorado, Ohio, and Wyoming are also making inroads towards providing legal status to cryptocurrency and are exploring ways to incorporate this novel form of currency into their state laws.