New York Lawmaker Introduces Bill to Allow State Payments in Crypto
A proposed bill in New York aims to legalize cryptocurrencies, such as Bitcoin, as a payment method to the state.
If approved, it would allow users to use certain cryptocurrencies, including Bitcoin and Ethereum, though an additional service charge might apply.
This initiative, introduced by a New York politician, aims to modernize state transactions and reflects a growing embrace of blockchain technology in the public sector.
Assemblyman Clyde Vanel’s Assembly Bill A7788 suggests a legal amendment permitting New York state departments to accept digital currencies as valid payments.
The bill would enable state institutions to accept popular cryptocurrencies, including Bitcoin, Ether, Litecoin, and Bitcoin Cash. Under the proposed changes, state agencies could accept crypto payments for various purposes, such as civil penalties, fines, taxes, rent, fees, and other financial obligations, including special assessments and interest.
