-A bill has been introduced in the U.S. state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash.
-The legislation proposes allowing crypto to be used as „a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges,“ and more.
-The bill has been referred to the New York State Assembly Committee on Government Operations.
The state of New York is considering a groundbreaking bill that would allow state agencies to accept cryptocurrency as a form of payment. The bill, introduced by Assembly member Clyde Vanel, seeks to amend New York’s state finance law by adding cryptocurrency as a form of payment.
The bill proposes allowing state agencies to enter into agreements with individuals or entities to accept cryptocurrency „as a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies.“ This means that citizens of New York would be able to pay their fines, rent, taxes and other fees with cryptocurrency.
The bill defines cryptocurrency as „any form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank including but not limited to, bitcoin, ethereum, litecoin, and bitcoin cash.“
If the bill is approved, it would make New York the first U.S. state to accept cryptocurrency as a form of payment. It would also open up a whole new world of possibilities for cryptocurrency in the U.S. and around the world.
The bill has been referred to the New York State Assembly Committee on Government Operations, and the outcome of the bill remains to be seen. If it is approved, it could have a major impact on the cryptocurrency industry and open up the possibility of other states following suit. It would also provide citizens of New York with more financial freedom and convenience when it comes to paying their bills.