The resolution SCR1001 proposes an amendment to the Arizona Constitution that would 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, unit of account, and 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 as outlined in the Arizona Constitution.

If approved by voters, the amendment would be enacted following a proclamation by the Governor. The Secretary of State is tasked with submitting this proposition to the electorate during the next general election. The Joint Legislative Budget Committee has indicated that this resolution is expected to have no fiscal impact. Overall, the resolution seeks to modernize Arizona's tax framework to accommodate the growing use of virtual currencies.