Bill Presented in New York to Allow Government Agencies to Accept Cryptocurrency Payments

A bill submitted to the New York State Capitol on January 26 is designed as a form of payment for government agencies to pay fines, civil penalties, taxes, fees, and other payments collected by the state. cryptocurrency may allow it.

The Draft Law Requests Cryptocurrencies to be Accepted as a Mode of Payment

The law states that the change will legally allow “New York state agencies to accept cryptocurrencies as a form of payment.” Moreover, the document devotes several chapters to the definition of cryptocurrencies under the introduced amendment.

Especially Bitcoin, Ethereum, Litecoin and Bitcoin Cash allows it to be accepted as a payment option.

The regulation and enforcement of cryptocurrencies has been a topic of frequent discussion since the beginning of 2023. After the massive losses suffered by the industry and the fraudulent activities uncovered last year, the focus has been on how regulators will approach assets.

Earlier this week, Arizona attempted to introduce a bill that would make Bitcoin and other cryptos the official currency in the state. Now, New York has followed suit with a bill submitted to the Senate to make crypto an acceptable form of payment in government institutions.

Specifically, the law states that “the state finance law will be amended to allow New York state institutions to accept cryptocurrencies as a form of payment.”

As a result, the bill states, “Every government agency is authorized to enter into an agreement with individuals to ensure that crypto is accepted by government departments as a means to pay fines, civil penalties, rent, rates, taxes, and more civil duties.”

*Not investment advice.