This bill proposes to amend current statutes to allow state agencies in Arizona to accept virtual currency as a payment method for various obligations, including fines, taxes, and fees. Specifically, it introduces provisions for state agencies to enter into agreements with virtual currency service providers, enabling them to accept virtual currency for payments due to the state. The bill also allows the Arizona Department of Revenue (ADOR) to accept virtual currency for tax remittances if an agreement with a service provider is established.

In terms of specific changes, the bill replaces references to "cryptocurrency" with "virtual currency" and defines virtual currency to include various digital assets like Bitcoin and Ethereum, while excluding legal tender issued by the U.S. or foreign governments. It also outlines the responsibilities of both the state agencies and the individuals making payments in virtual currency, including liability for transaction fees and the conditions under which virtual currency can be accepted. The act is set to become effective on January 1, 2027.

Statutes affected:
Introduced Version: 35-156, 42-5018, 43-505
Senate Engrossed Version: 35-156, 42-5018, 43-505, 119-27