On January 25, US Senator Wendy Rogers introduced a bill proposing the addition of Bitcoin (BTC) to the list of currencies accepted as legal tender in Arizona. Elsewhere, the French National Assembly is softening the rules for cryptocurrency companies and platforms.
Bitcoin (BTC) could become official currency in the US
The bill submitted by Senator Wendy Rogers was a sign of growing interest in Bitcoin from US states. On January 25, Rogers introduced a series of bills aimed at making Bitcoin the official currency in Arizona and allowing government agencies to accept Bitcoin.
The proposed legislation aims to recognize Bitcoin as a legal currency in Arizona and allow it to be used for debts, taxes and other financial obligations. This use case means that all transactions currently made in US dollars can potentially be made with Bitcoin, and individuals and businesses will have the option to use Bitcoin as they see fit.
If approved, the bill would allow the people of Arizona to buy and sell goods and services with BTC and pay taxes and fees. Rogers previously passed the SB 1341 bill in January 2022, which sought to make Bitcoin a legal tender. The new bill, SB 1235, proposes changing the definition of legal tender to include BTC in existing laws, in addition to declaring the largest cryptocurrency as legal tender.
While the bill’s chances of passing this time seem slim, El Salvador’s adoption of Bitcoin as a legal tender has proven to be a boon for growth and investment in the country. Recent actions in states like Texas, New Hampshire, Missouri, and Mississippi all show increased US interest in Bitcoin and its benefits. As Bitcoin adoption gets stronger, the probability of passing such laws only becomes stronger.
French lawmakers soften stances on mandatory crypto licenses
In another development, crypto companies in France will have to comply with extra conflict of interest and consumer protection rules from 202, as per proposals voted on in the National Assembly. The move, however, will likely be a breath of fresh air for the cryptocurrency market as it represents a softening of the stance by the House Finance Committee and the French Senate, which supports a tougher requirement for firms to have mandatory licensing by October.
Under plans passed by the National Assembly on Tuesday, crypto companies applying to register after January 2024 will face extra rules to manage conflicts of interest, separate client funds and post their fees. Senator Daniel Labaronne said this represents the middle ground between registration and full licensing, which laid the groundwork for the arrival of MiCA. As Kriptokoin.com, we have included details about MiCA, an important money regulation in Europe, in this article.
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