The proposed bill would amend current Arizona statutes to allow state agencies to accept cryptocurrency as a payment method for various financial obligations, including fines, taxes, and fees. Specifically, it would enable state agencies to enter into agreements with cryptocurrency service providers to facilitate these transactions. The bill outlines that such agreements must govern the terms of acceptance and the conditions under which payments are made, either in cryptocurrency or U.S. dollars. Additionally, it establishes that individuals using cryptocurrency for payments would remain liable for the payment until the state agency has received full and unconditional payment from the service provider.

Current law mandates that tax remittances be made through traditional methods such as bank drafts or checks. The bill would expand these methods to include cryptocurrency, contingent upon the Arizona Department of Revenue entering into an agreement with a cryptocurrency service provider. It also clarifies definitions for "cryptocurrency" and "cryptocurrency service provider," ensuring that the legal framework accommodates this new payment method. Overall, the bill aims to modernize payment options for state financial obligations while maintaining accountability for transactions.

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