Lawmakers in Arizona are considering a pair of bills that will make the Grand Canyon state the first in the nation to accept cryptocurrencies like Bitcoin. Republican senator Jeff Weninger said in 5-10 years this technology could change the world the way the internet did. He also said that Arizona will be the place to be for blockchain & digital currency in the future.
This news come as a answer to concerns with the issues with credit cards and the current banking system inefficiencies.
Arizona democrats, on the opposing side sees an issue due to bitcoins volatility issues where it can lose its value in a matter of weeks or even days.
Nevertheless senator Weninger sees Arizona on the forefront in this endeavor if things go as planned.
It is estimated by the World Economic Forum back in 2015 that government could start collecting taxes by blockchain in 2023. if this bill becomes law Arizona will start collecting in 2yrs.
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