This bill proposes to amend current statutes by redefining "legal tender" to explicitly include cryptocurrency alongside traditional forms of currency such as specie. The new definition will categorize legal tender as any medium of exchange authorized by the U.S. Constitution or Congress, which now encompasses cryptocurrency, defined as digital currency utilizing encryption techniques for transactions. The bill will also make technical and conforming changes to ensure that this updated definition applies uniformly across all relevant Arizona Revised Statutes.

Additionally, the bill will remove outdated language that previously defined legal tender without reference to cryptocurrency and will replace it with the new definition. It will also clarify that the requirements for trust companies regarding liquid capital and the payment of license fees by video service providers can now include cryptocurrency as a form of legal tender. Overall, the bill aims to modernize the legal framework surrounding currency in Arizona to reflect the growing acceptance of digital currencies.

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