New York Considers Bill to Establish Cryptocurrency as a Form of Payment for State Agencies

A measure has been introduced successful the U.S. authorities of New York to allow authorities agencies to judge cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The authorities proposes allowing crypto to beryllium utilized arsenic “a means of outgo of fines, civilian penalties, rent, rates, taxes, fees, charges,” and more.

Bill to Allow State Agencies to Accept Crypto Payments

New York State Assembly subordinate Clyde Vanel introduced a measure Thursday that “establishes cryptocurrencies arsenic a signifier of outgo for authorities agencies,” according to the bill’s statement connected the New York State Senate website. Assembly Bill A2532 has been referred to the New York State Assembly Committee connected Government Operations. According to its summary, the bill:

Establishes that authorities agencies are allowed to judge cryptocurrencies specified arsenic bitcoin, ethereum, litecoin and bitcoin currency arsenic payment.

The measure seeks to amend New York’s authorities concern instrumentality by adding “cryptocurrency arsenic a signifier of payment.” The authorities defines cryptocurrency arsenic “any signifier of integer currency successful which encryption techniques are utilized to modulate the procreation of units of currency and verify the transportation of funds, operating independently of a cardinal slope including but not constricted to, bitcoin, ethereum, litecoin, and bitcoin cash.”

According to its text, the measure proposes authorizing authorities agencies to participate into agreements with individuals oregon entities to judge cryptocurrency “as a means of outgo of fines, civilian penalties, rent, rates, taxes, fees, charges, revenue, fiscal obligations oregon different amounts, including penalties, peculiar assessments and interest, owed to authorities agencies.”

This week, Arizona State Senator Wendy Rogers introduced a akin measure to let authorities agencies to judge cryptocurrency. She besides launched a measure to marque bitcoin ineligible tender successful her state.

Do you deliberation this measure volition walk and authorities agencies volition beryllium capable to judge crypto payments? Let america cognize successful the comments conception below.

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