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.

If approved by voters, the amendment would be enacted following a proclamation by the Governor. The resolution also includes a provision for the Secretary of State to present this proposition to voters during the next general election. According to the Joint Legislative Budget Committee, the fiscal impact of this resolution is estimated to be negligible, indicating that it would not significantly affect state revenue.