A New York lawmaker has proposed a new bill that would allow state agencies to accept cryptocurrency payments, indicating a shift towards integrating digital currencies in public services. Assembly Bill A7788, introduced by Assemblyman Clyde Vanel, would enable payment options in popular cryptocurrencies like Bitcoin, Ether, Litecoin, and Bitcoin Cash for various state fees and obligations. Additionally, the bill includes provisions for state-imposed service fees on crypto transactions to cover related costs. This initiative follows another recent bill aimed at preventing cryptocurrency fraud in the state, reflecting the growing emphasis on digital asset regulation and acceptance in New York. The bill is currently under review by the Assembly Committee.
A New York lawmaker has made a significant step towards embracing cryptocurrency in public services. Assemblyman Clyde Vanel has introduced Assembly Bill A7788, which proposes that state agencies in New York be allowed to accept cryptocurrency as a form of payment. This legislation is part of a broader trend towards integrating digital assets into governmental operations.
Under this bill, cryptocurrencies like Bitcoin, Ether, Litecoin, and Bitcoin Cash could be used for various payments including taxes, fees, and civil penalties. This move signals growing political enthusiasm for digital currencies, potentially making New York a leader in cryptocurrency adoption among state governments.
The proposal also includes a provision that allows the state to charge a service fee on cryptocurrency transactions. This fee would cover the costs incurred by the state during the processing of the payments. Right now, the bill is under review by the Assembly Committee.
This initiative follows another bill introduced in March, aimed at combating cryptocurrency fraud and protecting investors from scams. The quick succession of these two bills shows that cryptocurrency legislation is gaining traction in New York, aligning with a national interest in developing clear policies around digital assets.
If passed, A7788 would represent a major shift in how New York interacts with digital currencies, opening the door for future innovations in how public services are funded.
Tags: New York, cryptocurrency, Assembly Bill A7788, digital assets, blockchain, public services, Bitcoin, Ether, Litecoin, Bitcoin Cash
What is the New York bill about Bitcoin and crypto?
The New York bill aims to allow the state to accept Bitcoin and other cryptocurrencies for certain payments. This could include taxes and fees.
Why is this bill important?
This bill is important because it could make it easier for people to use digital currencies in everyday transactions. It shows that the state is open to new technologies.
How would crypto payments work if the bill passes?
If the bill becomes law, people will be able to pay using Bitcoin or other cryptocurrencies. The state would set up a system to handle these transactions safely.
What are the benefits of using Bitcoin for state payments?
Using Bitcoin for state payments could bring more convenience and speed. It may also attract businesses and investors who are interested in crypto.
Are there any risks in accepting cryptocurrencies?
Yes, there are risks. Cryptocurrencies can be very volatile, meaning their value can change rapidly. This could create challenges for the state in budgeting and financial planning.