The oldest digital currency in the crypto market by Market Cap – Bitcoin[1], yet to become a legal tender[2] in many countries. However, with the rising crypto market, smaller countries began to accept it as a legal tender. El Salvador[3] was the first in the world to adopt Bitcoin as legal tender along with the US Dollar. A majority of the businesses accepted payments in Bitcoin.
The race is on
A state senator in Arizona published a bill that would make Bitcoin legal tender in the state. This would indeed play a vital role, if passed, to aid Bitcoin to continue its supremacy.
Arizona[4] State Senator Wendy Rogers[5] (R., District 6) introduced the bill[6], which seeks to add a statute to Arizona law making bitcoin a legal currency. The Republican put forward the one-page filing, numbered[7] SB1341 for this purpose.
A well-known podcaster and Bitcoin commentator, Dennis Porter[8] provided the following:
The bill seek to add bitcoin to the list of instruments considered legal tender in Arizona. It would make the peer-to-peer digital currency a lawful medium of exchange in the region. Therefore, enabling citizens to pay debts, public charges, taxes and dues with BTC.
It also drew attention to Bitcoin mining[9], noting that “new units … are generated by the computational solution of mathematical problems” and noted that Bitcoin worked apart from central banks. If passed, Arizona could become the first U.S state to recognize bitcoin as legal tender.
However the bill must pass the Arizona state senate and house before Gov. Doug Ducey, a Republican, could sign it into law.
On a similar line, sentiments were brewing somewhere else as well. Don Huffines, a
