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 specify how payments are processed, either in cryptocurrency or U.S. dollars. Additionally, it establishes that individuals using cryptocurrency for payments would remain liable for the full amount due until the state agency receives the final payment from the service provider.

Current law mandates that tax payments be made through traditional methods such as bank drafts or checks. The bill would modify this by allowing the Arizona Department of Revenue (ADOR) to accept cryptocurrency for tax remittances if an agreement with a cryptocurrency service provider is established. It also includes definitions for "cryptocurrency" and "cryptocurrency service provider," ensuring clarity in the implementation of these new payment methods. 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