The resolution SCR1001 proposes an amendment to the Arizona Constitution to exempt virtual currency from property taxation, contingent upon voter approval. It defines virtual currency as a digital representation of value that serves as a medium of exchange, a unit of account, and a store of value, distinct from traditional currencies like the U.S. dollar. The amendment aims to clarify the status of virtual currency in the context of property tax exemptions, aligning it with existing exemptions for various types of property.

If approved by voters, the amendment will be enacted and proclaimed by the Governor. The resolution outlines that there is no anticipated fiscal impact on the state General Fund as a result of this legislation. Additionally, it mandates that the Secretary of State submit the proposition to voters during the next general election, ensuring public participation in the decision-making process regarding the taxation of virtual currency.