REFERENCE TITLE: legal tender; specie; bitcoin
State of Arizona
Second Regular Session
amending title 1, Arizona Revised Statutes, by adding chapter 9; relating to legal tender.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 1, Arizona Revised Statutes, is amended by adding chapter 9, to read:
ARTICLE 1. GENERAL PROVISIONS
A. Legal tender in this state consists of all of the following:
1. any medium of exchange that is authorized by the United States constitution or congress for the payment of debts, public charges, taxes and dues.
2. Specie issued at any time by the United States government.
3. Any other specie that a court of competent jurisdiction rules by a final, unappealable order to be within the scope of state authority to make a legal tender.
B. For the purposes of this section:
1. "bitcoin" means the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the bitcoin blockchain and new units of currency are generated by the computational solution of mathematical problems and that operates independently of a central bank.
2. "Specie" means coins having precious metal content.