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 resolution outlines that all property in Arizona is subject to taxation unless specifically exempted, and it includes a provision for the Secretary of State to present this amendment to voters during the next general election.

Additionally, the resolution indicates that the amendment will take effect only if it receives voter approval and is proclaimed by the Governor. The Joint Legislative Budget Committee has estimated that this resolution will have no fiscal impact. The proposed changes aim to clarify the status of virtual currency in the context of property tax exemptions, reflecting the evolving nature of digital assets in the financial landscape.