The proposed bill, effective January 1, 2025, allows state agencies in Arizona to enter into agreements with cryptocurrency service providers to accept cryptocurrency as a payment method for various obligations, including fines, taxes, and fees. This legislation expands the current payment methods by adding cryptocurrency, provided that the Arizona Department of Revenue (ADOR) also enters into such agreements. The bill outlines the responsibilities of both the state agencies and the cryptocurrency service providers, including the terms of payment acceptance and the liability of individuals making payments in cryptocurrency.

Key changes from current law include the addition of cryptocurrency as an acceptable payment method, the requirement for agreements to specify the terms of acceptance, and the stipulation that individuals remain liable for payments until the state agency receives full payment from the cryptocurrency service provider. The bill also defines "cryptocurrency" and "cryptocurrency service provider," ensuring clarity in the implementation of these new payment methods. Overall, this legislation modernizes the payment options available to state agencies and aligns them with evolving financial technologies.

Statutes affected:
Introduced Version: 35-156, 42-5018, 43-505
Senate Engrossed Version: 35-156, 42-5018, 43-505