This bill proposes to amend current statutes by redefining "legal tender" to include cryptocurrency alongside existing definitions of specie and other mediums of exchange authorized by the U.S. Constitution or Congress. Specifically, it introduces new language that defines legal tender as any medium of exchange authorized for the payment of debts, public charges, taxes, and dues, explicitly including cryptocurrency as a form of digital currency regulated through encryption techniques. The bill also clarifies the definitions of "cryptocurrency" and "specie" within the context of legal tender.

Additionally, the bill applies this updated definition of legal tender to various sections of the Arizona Revised Statutes, ensuring that the inclusion of cryptocurrency affects areas such as state income tax exemptions for gains and losses from exchanges of legal tender, the capital requirements for trust companies, and the payment methods for video service provider license fees. The bill removes outdated language that previously defined legal tender and makes technical adjustments to ensure consistency across the statutes.

Statutes affected:
Introduced Version: 6-851, 9-1443, 11-1943, 43-1021, 43-1022, 43-1121, 43-1122, 6-852, 1-901, 9-1442, 11-1942, 43-1333, 99-514, 43-1084, 43-1081.01, 43-1074.02, 43-1029, 15-1871, 43-1024, 101-336, 43-1014, 43-1082, 43-1023, 15-1628, 15-1451, 43-1025, 43-1027, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 43-1028, 6-101, 43-961, 43-1129, 43-1130, 43-1201, 43-947, 43-1170, 43-1130.01, 43-1175, 43-1178, 43-1183, 43-1184, 43-1124, 43-1181, 43-1165
Senate Engrossed Version: 6-851, 9-1443, 11-1943, 43-1021, 43-1022, 43-1121, 43-1122, 6-852, 1-901, 9-1442, 11-1942, 43-1333, 99-514, 43-1084, 43-1081.01, 43-1074.02, 43-1029, 15-1871, 43-1024, 101-336, 43-1014, 43-1082, 43-1023, 15-1628, 15-1451, 43-1025, 43-1027, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 43-1028, 6-101, 43-961, 43-1129, 43-1130, 43-1201, 43-947, 43-1170, 43-1130.01, 43-1175, 43-1178, 43-1183, 43-1184, 43-1124, 43-1181, 43-1165