Arizona State is planning to adopt Bitcoin as a currency to facilitate efficient payments in the state and outside of the state.
The whole world knows very well how El Salvador adopted Bitcoin as a currency and created a history. Right now El Salvador uses the US dollar and Bitcoin as the two official currencies of the country.
Here Arizona, a state of the US, is also planning to follow in the footsteps of El Salvador. A Senator proposed a bill to create a legal framework to adopt Bitcoin as Currency. Arizona expects to get a better payment tool for its citizens.
Arizona is different from El Salvador
El Salvador is an independent American country, which is only using the US dollar as an official currency because the country did have its self-created currency. However, besides the US dollar, countries adopted Bitcoin.
But the situation here in Arizona is different. Arizona State is not an independent country like El Salvador. And it works under the constitution of the USA.
The majority of the experts noted that such efforts are better for Arizona but in reality, it will not succeed to adopt Bitcoin as a currency because US constitutions will not allow it to do the same.
Experts also noted that if Arizona succeeds in passing this proposed bill to adopt Bitcoin as currency then in that situation it will still not help Arizona in anyways under the US constitution because an independent currency ( except US dollar) will face 10% tax to facilitate any trade with other national banks.
In short, we can say, existing US constitutions don’t allow any state to use its currency and if in any situation any state will create its currency then it will go through 10% trade fees in the form of tax. This is a type of boundary for the states to remain always under the control of US constitutions.
