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The new law prohibits state agencies from accepting payments made with a central bank digital currency for any service, tax, license, permit, fee, information, or other amount due the governmental body. It also bars government agencies from requiring payments to be made with a central bank digital currency.
The Arizona Senate passed a bill that would expressly exclude central bank digital currency (CBDC) from the definition of legal tender and money in the state, creating potentially significant roadblocks to its use as such in Arizona.
U.S. Federal Reserve analysts have warned of "some potential" for the dollar's role as a medium of exchange to be eroded with the rise of well-designed foreign CBDCs.
The legislation would prohibit a state governmental agency from accepting a payment using central bank digital currency. It would also bar all state governmental agencies from participating in any test of central bank digital currency.
Trump has replaced his negative view of bitcoin with a more neutral stance in an effort to sway pro-crypto Democrats and Independents to his side.