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Arizona Introduces a bill to make Bitcoin Legal Tender [pdf]

azleg.gov

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Re: Arizona Introduces a bill to make Bitcoin Legal Tender [pdf]

#5

Post by ahoka »

JumpCrisscross wrote: post #2

Guess this would mean one could settle state taxes with Bitcoin? That's sort of neat. Also means someone could have a nice dinner and then refuse to pay with anything but Bitcoin, at least under state law, which sounds less fun.

Imagine having to wait ten minutes at the checkout for the transaction to clear.

Re: Arizona Introduces a bill to make Bitcoin Legal Tender [pdf]

#6

Post by saxonww »

Don't get too riled up about this. "Arizona" introduced nothing. State Senator Rogers did. It's probably not going to make it out of committee in the AZ legislature. I'd be surprised if anyone took it seriously.

Edit: maybe someone knowledgeable can chime in; I don't think states can even do this. The US Government determines what is legal tender in the US.

Re: Arizona Introduces a bill to make Bitcoin Legal Tender [pdf]

#7

Post by Mindless2112 »

JumpCrisscross wrote: post #2

Guess this would mean one could settle state taxes with Bitcoin? That's sort of neat. Also means someone could have a nice dinner and then refuse to pay with anything but Bitcoin, at least under state law, which sounds less fun.

Unless Arizona has a law that says businesses have to accept all forms of legal tender as payment, I would expect that businesses would not be forced to accept Bitcoin as payment.

Consider cash:

> There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.

https://www.treasury.gov/resource-center/faqs/Currency/Pages...

It is, of course, a bit different since cash, check, and credit are all denominated in dollars, whereas Bitcoin is denominated in Bitcoin.

Re: Arizona Introduces a bill to make Bitcoin Legal Tender [pdf]

#9

Post by nightski »

JumpCrisscross wrote: post #2

Guess this would mean one could settle state taxes with Bitcoin? That's sort of neat. Also means someone could have a nice dinner and then refuse to pay with anything but Bitcoin, at least under state law, which sounds less fun.

Is that true? From my understanding as long as the restaurant is up front about what types of payment are accepted prior to the transaction they do not need to accept all forms of legal tender. But I am not a lawyer.

From Investopedia: "Creditors are required to accept them as payment offered to discharge a debt; however, except where prohibited by state law, private businesses may refuse to accept some or all forms of cash tender provided that a transaction has not already occurred and debt has not been incurred by the customer."

[1] https://www.investopedia.com/terms/l/legal-tender.asp

Re: Arizona Introduces a bill to make Bitcoin Legal Tender [pdf]

#10

Post by eftychis »

saxonww wrote: post #6

Don't get too riled up about this. "Arizona" introduced nothing. State Senator Rogers did. It's probably not going to make it out of committee in the AZ legislature. I'd be surprised if anyone took it seriously. Edit: maybe someone knowledgeable can chime in; I don't think states can even do this. The US Government determines what is legal tender in the US.

I mean first step. Even if it makes it somehow to a vote and doesn’t make it or is overruled due to legal concerns, it’s a step and a pointer to the recognition it has amassed.
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