Why On Earth Is Arizona Endorsing Cryptocurrency?

Say all you want, but the current monetary system the world over is incredibly flawed. While we haven't technically based it off the gold standard in a while, its effects are still felt in the economy today.

Obviously, we haven't found a better answer, despite many people's best efforts. There is one alternative that some have flocked to, known as cryptocurrency, and Arizona wants to make it much more relevant.

What is Crypto?

Crypto is a simple concept in theory, but incredibly complex in practice. The basic premise is that this is a more secure form of sending and receiving money through a cryptographic system, hence the name.

Due to it's techniques, no central government or bank is needed to transfer funds, which has led to an explosion of popularity amongst those disillusioned by the current political and financial system.

Get our free mobile app

Read More:

We NEED to Take Care of the San Pedro River

Arizona Wants to Regulate Crypto

Due to its existence outside of the general economy, many states and governments have left the currency alone, and have even tried to ban the practice. The currency is incredibly easy to scam, and many Arizona residents have fallen victim to devastating losses of money, solely because they trusted the system.

Because of that, Arizona has introduced House Bill 2387, which will begin to regulate bitcoin (a form of cryptocurrency) ATMs. The main focus is creating a daily limit for how much you can deposit to ensure susceptible Arizona residents are not scammed out of their life savings. Arizona will also require these ATMs to disclose their fees, which can reach up to 20% with no warning whatsoever.

Whether making crypto safer and more accessible will stop these problems or not, we'll have to wait to know, but for the time being, it's good to know Arizona is looking out for everyone.

[NerdWallet][AZ Family][HB2387]