The proposed bill SB1235 redefines "legal tender" in Arizona to include not only traditional forms of currency but also Bitcoin and other forms of specie. Under the new definition, legal tender consists of any medium of exchange authorized by the U.S. Constitution or Congress, specie issued by the U.S. government, any other specie recognized by a court, and Bitcoin. The bill also clarifies the definitions of "Bitcoin" and "specie," with Bitcoin being described as a decentralized digital currency and specie as coins with precious metal content.

Additionally, the bill applies this new definition of legal tender to all relevant statutes, replacing the previous, narrower definition that only included a medium of exchange authorized by the U.S. Constitution or Congress. This change aims to modernize the legal framework surrounding currency in Arizona, accommodating the growing use of digital currencies like Bitcoin while maintaining the recognition of traditional forms of money.

Statutes affected:
Introduced Version: 6-851, 9-1443, 11-1943, 43-1021, 43-1022, 43-1121, 43-1122, 6-852, 1-901, 9-1442, 11-1942, 43-1333, 99-514, 43-1084, 43-1081.01, 43-1074.02, 43-1029, 15-1871, 43-1024, 101-336, 43-1014, 43-1082, 43-1023, 15-1628, 15-1451, 43-1025, 43-1027, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 43-1028, 6-101, 43-961, 43-1129, 43-1130, 43-1201, 43-947, 43-1170, 43-1130.01, 43-1175, 43-1178, 43-1183, 43-1184, 43-1124, 43-1181, 43-1165