Nowadays we hear a lot about some efforts in order to make Bitcoin legal tender in some countries. The state of Arizona just got a bill introduced in the legislature that would make Bitcoin legal tender if enacted. Aly Hamam, the co-founder of Canada’s Tahinis Restaurants chain, addressed the House of Commons Finance Committee today in support of making Bitcoin legal tender.
Is it possible for Canada or Arizona to make Bitcoin legal tender?
The success of both initiatives will be debatable. Because a state can’t make anything outside the USD or precious metals legal tender, the Arizona bill will most likely fail. Wyoming wanted to make Bitcoin legal tender, but it had to drop the idea because of the constitutional difficulties outlined above. It will be intriguing to see whether the Arizona state government proceeds with the legislation and passes it into law.
In the case of Canada, it does not appear that the federal government is eager to deviate from its current practice of monetary printing and granular control over citizens via the financial system.
Today, I spoke to the House Of Commons Finance Committee and proposed that we should make #Bitcoin legal tender in Canada. I also suggested that we should buy $10 Billion worth of #Bitcoin to strengthen Canada's balance sheet ?? pic.twitter.com/M7IdWiOrUv
— Tahinis Restaurants (@TheRealTahinis) January 31, 2022
While these measures do not immediately make Bitcoin legal tender in Arizona or Canada, they serve as a powerful indicator to the US and Canadian federal governments that many people desire it to be recognized as legal tender and as an essential component for nations seeking to move into the digital era. In particular, appealing to Bitcoiners, who are both wealthy and expanding in the United States and Canada, is a popular strategy among politicians seeking to win their favor.
We’ve seen this in many states such as Wyoming, Texas, Arizona, Kentucky, North Dakota, Michigan, Arkansas and others are actively courting Bitcoiners with tax incentives and favorable regulatory environments. Expect this battle to intensify as more people vocally declare their wish to maintain and utilize Bitcoin as a fundamental right. These efforts, to many people, appear to be quite successful, and they should be accelerated. At the end of the day, politicians are elected by those who voted for them, and voters have the ability to influence lawmakers through their votes. Earlier today, Thai citizens demonstrated this fact.
Thailand has apparently abandoned plans to impose a 15% withholding tax on cryptocurrency trades following an increase in crypto trading. On income taxes, authorities said Monday that earned revenue from cryptocurrency trading or mining may be reported as capital gains, Financial Times reports.
If enough people put enough pressure on officials, it appears that we may form a solid protective shell for Bitcoin as it grows in maturity and defies government rules due to its power.
Finally, Bitcoin should be accepted globally as legal tender, at which point we’ll be able to pursue even more measures to break down centralized control points that are wielded by those in power to make things difficult for the average person.