Robert Steinadler, 2 months ago
El Salvador set an example when making Bitcoin a legal tender in 2021. With only the US-Dollar and no national currency available, it seems to be a good idea to emancipate and start looking for alternatives. Other countries are not in the same situation and already have a national currency that is trusted, at least in most cases. Interestingly enough, a representative of Arizona is not happy with the world's reserve currency and is trying to make Bitcoin legal tender.
Who is making these bold moves, and why has Bitcoin not become legal tender yet?
Senator Wendy Rogers already committed a draft for a Bitcoin bill in January 2022. However, the bill did not pass since the majority of senators were not getting behind Rogers's plans when the bill was being voted on. Now, Rogers is trying to establish Bitcoin as a legal tender for a second time in 2023.
Rogers, a far-right republican representative, argues that the bill would allow Arizona to leap to the top of the financial industry by embracing Bitcoin as legal tender. The draft is not only discussing the benefits of Bitcoin, but also provides suggestions on how to implement BTC and make its use beneficial for society as a whole.
It is not clear if this could constitute a quantum leap for Arizona. Bitcoin adoption in El Salvador is doing well, but it is still below what was expected from its introduction as El Salvador’s de facto national currency next to the US-Dollar.
The bill suggests that taxes and fees for public services can be paid in Bitcoin. It would also free merchants from the requirement of holding Bitcoin in separate accounts. What might be even more important is the fact that the law would change tax laws so that paying and accepting Bitcoin wouldn’t be complicated any longer.
So far, Bitcoin is treated as a commodity and that means that only realized gains and losses are subject to taxes. This is not the case when using the Dollar, and is perhaps one of the biggest hurdles for merchants to accept Bitcoin.
It remains to be seen if Roger’s bill will be successful this time. Other states are also interested in Bitcoin and perhaps Arizona has the opportunity to lead by example.
Mar 24, 2023
The United States government is tightening the screws on crypto companies. While this may be considered a worrying development, it's by no means crypto's death knell. Other countries are clearly standing in line to embrace the talent and the money that this fledgling industry provides. The United Kingdom is one such example.
Mar 24, 2023
The collapse of Terra was traumatizing for the crypto market and a contagion effect set in right after it happened. Crypto has prevailed and became stronger mastering the big crisis of 2022. The founder and CEO of Terraform Labs went into hiding and soon it became clear that he wouldn’t take any responsibility. Yesterday, the news broke that Do Kwon was arrested and many investors as well as community members are confident that justice will be finally served.
Mar 23, 2023
Justin Sun is a controversial but highly successful entrepreneur. The billionaire founded the cryptocurrency Tron (TRX) which became highly popular in 2017 and is still one of the biggest smart contract platforms in the world. Despite his success, not everybody is happy with Sun and this is especially the case with his social media appearance. He is well-known for his over-the-top marketing stunts and it looks like that not only the audience on Twitter got annoyed by him.
Mar 10, 2023
Both Bitcoin, Ether and traditional bank stocks in the US dropped about 8% overnight. Both the crypto and the traditional financial sector have their issues. Let's list a few recent problems and deal with the negative news head-on, so we can focus on all the good developments later.
Sign up to stay informed via our email updates