A bill has been introduced in the US state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The legislation proposes to allow the use of cryptography as “a means of payment of fines, civil penalties, rents, rates, taxes, fees, charges”, etc.
Bill to Allow State Agencies to Accept Crypto Payments
New York State Assemblyman Clyde Vanel on Thursday introduced a bill that “establishes cryptocurrencies as a form of payment for state agencies,” according to the bill’s description. bill on the New York State Senate website. Assembly Bill A2532 has been referred to the New York State Assembly Government Operations Committee. According to its summary, the bill:
Establishes that state agencies are authorized to accept cryptocurrencies such as bitcoin, ethereum, litecoin, and bitcoin cash as payment.
The bill seeks to amend New York State Finance Law by adding “cryptocurrency as a method of payment.” The legislation defines cryptocurrency as “any form of digital currency in which encryption techniques are used to regulate the generation of monetary units and verify the transfer of funds, operating independently of a central bank, including, but not limited to, bitcoin, ethereum, litecoin, and bitcoin money.
According to its text, the bill proposes to authorize state agencies to enter into agreements with individuals or entities to accept cryptocurrency “as payment for fines, civil penalties, rent, tariffs, taxes, fees, charges, revenues, financial obligations or other amounts, including penalties, special assessments and interest, due to government agencies.”
This week, Arizona State Senator Wendy Rogers introduced a similar bill to allow state agencies to accept cryptocurrency. She also started a bill to make bitcoin legal tender in her state.
Do you think this bill will pass and state agencies will be able to accept crypto payments? Let us know in the comments section below.
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