New York could soon accept cryptocurrency such as Bitcoin and Ethereum as a payment resources for state -related services. A new account, Assembly Bill A7788was recently presented by assembler Clyde Vanel.
The bill aims to amend the existing law to allow the state agencies in New York to accept cryptocurrencies as payment.
Which cryptos are included?
If the bill is accepted, individuals may be able to use crypto to pay articles such as taxes, fines, costs, rent, civil fines or other financial responsibility that owes the State. The cryptocurrencies mentioned in the account are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
As a result, New Yorkers might have more choices when it comes to paying what they owe to the state.
To make this fair for the government, the bill also allows the state to impose service costs, but it cannot exceed the costs of processing the crypto payment. This would include costs if blockchain transactions or reimbursements to payment processors.
This is not a new crypto account in New York. Earlier last month, Bill A06515 It was proposed to prevent crypto scams and fraud such as carpet tracts, whereby investors are cheated by fraudulent projects. The timing of the accounts indicates that legislators take their crypto legislation and adoption more seriously.
At national level, President Donald Trump’s recovery paid even more attention to Crypto in January. During his election campaign, Trump promised to embrace blockchain innovation and include crypto in the economy of the United States.
This has inspired several states to investigate how they can collaborate with cryptocurrencies.
Assembly Bill A7788 is currently being assessed by the Assembly Committee. If it goes further and comes through the Senate, New York can become the first state to accept crypto for government payments.
