New York State Takes a Step Toward Cryptocurrency Adoption with New Bill
The state of New York has announced a new bill that would allow agencies to accept cryptocurrency as a form of payment for fines, civil penalties, taxes, fees, and other payments charged by the state.
Introduced on January 26 by Democratic Assembly Member Clyde Vanel, the New York State Assembly Bill A523 legislation suggests changes to the state’s current financial law to allow for the use of cryptocurrencies in payments to state agencies.
More specifically, the bill allows state agencies to enter into “agreements with persons to provide the acceptance, by offices of the state, of cryptocurrency as a means of payment” for various types of fees, including “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies.”
The bill defined "cryptocurrency" as any form of digital currency that is governed by encryption methods and operates without the interference of a third party. It mentioned Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as some of the more prominent cryptocurrencies that could be accepted as payment methods if the bill passes.
It is worth noting that the bill does not mandate state agencies to accept crypto as payment. On the other hand, it offers them the option to legally accept such payments if they agree.
The legislation, which was announced on Thursday, has been referred to the New York State Assembly Committee on Government Operations for further study and possible amendments.
Meanwhile, the New York state government has often taken a harsh stance toward the crypto market. The state passed a bill that banned nearly all cryptocurrency mining last year, and also requires businesses
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