state agencies; payments; cryptocurrency
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill allows Arizona state agencies to enter into agreements with virtual currency service providers to accept virtual currencies like Bitcoin and Ethereum as payment for fines, penalties, fees, and other obligations owed to the state. The bill defines key terms related to virtual currency and outlines how agencies can manage transactions, including service fees and liability for payments. It also amends existing statutes to permit accepting virtual currency for tax remittances.
Key provisions
- State agencies can enter agreements with virtual currency service providers to accept virtual currency payments.
- Agreements must detail the terms and conditions for accepting virtual currency.
- Agencies can require payment of service fees associated with virtual currency transactions.
- Individuals using virtual currency remain liable for full payment, including interest and penalties, until the state receives final payment.
- The bill defines ‘virtual currency’ to include cryptocurrencies like Bitcoin and Ethereum, excluding legal tender.
- The bill defines ‘virtual currency service provider’ as an entity experienced in converting virtual currencies to legal tender.
- The bill defines ‘stablecoin’ based on a future federal law (P.L. 119-27).
- Existing statutes are amended to allow for virtual currency payments for tax remittances.
Who is affected
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Sponsors
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1 on record
Primary sponsor
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