New York legislator has introduced legislation that would allow state agencies to accept cryptocurrency payments, signaling a growing political dynamic for the integration of digital assets in public services.
The bill assembled A7788, presented by the deputy Clyde Vanel, seeks to modify the financial law of the State to allow the agencies of the State of New York to accept cryptocurrencies as a method of payment.
It would allow state agencies to accept payments in Bitcoin (BTC), Ether (Eth), Litecoin (LTC) and Bitcoin Cash (BCH), according to the text of the bill.
Source: Nysenate.gov
According to the bill, state offices could authorize crypto payments for “fines, civil penalties, rent, prices, taxes, costs, costs, income, financial or other amounts”, as well as penalties, special evaluations and interest.
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Cryptocurrency legislation becomes a focal point in New York, Bill A7788 marking the second legislation focused on state crypto in just over a month.
In March, New York presented Bill A06515, aimed at establishing criminal sanctions to prevent cryptocurrency fraud and protect investors from carpet prints.
Crypto-axe-to-grow legislation has grown since President Donald Trump took office on January 20, Trump reporting during his campaign that his administration intends to make crypto policy a national priority, as well as making the United States a world center for blockchain innovation.
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New York may require state “service costs” on cryptographic payments
If it is adopted, the bill will mark a significant change in the way New York manages digital assets. It would allow the state entities to integrate cryptocurrency into the payment infrastructure used to collect public funds.
The proposal also includes a clause allowing the State to impose service fees on those who choose to pay with the crypto. According to the text, the State may require that “service fees do not exceed the costs incurred by the State as part of the cryptocurrency payment transaction”. This could include transaction costs or costs due to cryptographic issuers.
The bill of the A7788 Assembly was referred to the Committee of the Assembly for examination and could go to the State Senate at the next step.
New York’s legislation comes shortly after the state of Illinois adopted a Crypto bill to fight against fraud and carpet prints, after the recent wave of regimes of initiates linked to the same, reported Cointelegraph on April 11.
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