Although US laws don't permit states to create individual currencies, Rogers' move may stoke fresh debate around bitcoin's adoption. Republican State Senator Wendy Rogers of Arizona formally introduced Bill which seeks to include Bitcoin as a legally accepted form of. Senator Wendy Rogers introduced a bill to make bitcoin a lawful currency in the U.S. state of Arizona. Senator Wendy Rogers has introduced a. DBIX CRYPTO
This is as opposed to more volatile currencies such as the Turkish lira , which has had a calamitous The lira is very much an outlier. Most currencies in the world maintain a reasonable degree of stability, except when they are wracked by internal and external problems that cause massive inflation or deflation.
Stability improves individual welfare by assuring each person that the money in their pocket will keep a relatively consistent value. Does Bitcoin Work as Legal Tender? In September of , El Salvador made the bold decision to enact Bitcoin as a legal tender alongside the U. Nayib Bukele, the controversial President of the Central American country firmly believes Bitcoin will lead his country forward.
However, all signs point to this being nothing more than a fantasy. Bukele is well indoctrinated into the Crypto community, frequently posting memes on Twitter and mocking the crashes of Bitcoin as his country suffers because of it. The IMF is an international financial institution comprised of countries whose opinion holds weight over many countries, especially those which have taken out hundreds of millions in financial aid from the organization, like El Salvador.
Bitcoin is far and away more volatile than any legal tender in the world excepting those which are affected by extraordinary circumstances. Why would anyone in El Salvador use their Bitcoin as currency when holding on to it could lead to an immense gain and spending it could potentially lead to an unpalatable loss? This is one of the main flaws of Bitcoin as a legal tender.
By its extremely volatile nature, it incentivizes those who own it to hold on to it rather than use it as a currency. This may be well and good for the individual holders of the asset, but it could have a devastating effect on the economy. Without money being pumped into the economy , it will soon stagnate. This problem is exacerbated by the fact that there will only ever be a maximum of 21 million Bitcoin.
This means they have almost no interest in doing anything with Bitcoin except merely possessing it. Anyone could see how this mentality would grind an economy to a near standstill if Bitcoin was a primary legal tender. However, Bitcoin was not as strong back then. And the world was not as convoluted as today. Could the bill pass this time around? Is it guaranteed? Not even close. States, and countries are starting to figure out that the best way to attract talent and build prosperity for their citizens is to advocate for a free market.
Game theory accelerating! The ballot measure would have considered cryptocurrency to be legal tender in Arizona if it is agreed upon as a unit of trade. So far, people seem to be cautious.
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Is bitcoin legal in Arizona? From and alone, the Arizona House of Representatives has already passed a couple of House Bills that legalizes the usage of Blockchain technology and cryptocurrency mining. Has bitcoin been banned in Arizona the past? Bitcoin has never been banned in Arizona. Where can I buy or sell bitcoin in Arizona? You can buy or sell bitcoin on free and reputable platforms such as LocalBitcoins using your preferred currency and preferred payment method.
Though LocalBitcoins is a great platform, always make sure to only transact people with high feedback scores, and with a good number confirmed number of trades. Where can I trade cryptocurrencies in Arizona? The evidence at trial also showed that Costanzo used bitcoin to purchase drugs from others and that he provided bitcoin to individuals who were buying drugs via the internet.
The evidence at trial also showed how bitcoin operates. Bitcoin is a decentralized form of electronic currency. Bitcoin may be used for legitimate purposes, and anyone can obtain bitcoin from a commercial on-line exchange by paying about 1. The bitcoin involved in the final transaction is also subject to forfeiture by the United States.
Attorneys, District of Arizona, Phoenix.
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