• New York State Assembly member Clyde Vanel has introduced a bill to allow state agencies to accept cryptocurrency, including bitcoin, ether, litecoin, and bitcoin cash as payment.
• The bill would allow crypto to be used as „a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges,“ and more.
• The legislation 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“.
This week, U.S. state of New York saw the introduction of a new bill that would allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The bill was proposed by New York State Assembly member Clyde Vanel and has been referred to the New York State Assembly Committee on Government Operations.
The legislation seeks to amend New York’s state finance law and add “cryptocurrency as a form of payment.” Specifically, the bill would authorize 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.”
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.”
The potential introduction of cryptocurrency as a form of payment for state agencies in New York is a welcome development for supporters of digital assets. It is a sign of growing acceptance and use of cryptocurrencies, with more and more governments beginning to recognize the potential of blockchain-based digital currencies. This could lead to further acceptance of crypto throughout the world and increased usage for a variety of transactions.
At the same time, the potential introduction of cryptocurrency in New York is also likely to be met with some opposition from those who are concerned about the risks associated with digital assets, including their volatility and potential for criminal activity. As such, it remains to be seen whether the bill will be passed and cryptocurrency will be accepted as a form of payment in New York. Nevertheless, the introduction of the bill is a positive step in the right direction and a sign of growing acceptance of cryptocurrencies.