New York State Assembly member Clyde Vanel has initiated a bill that allows state agencies to accept cryptocurrencies as a form of payment. This includes digital assets such as Bitcoin, Ethereum, Litecoin (LTC), and Bitcoin Cash (BCH).
This is reported by Business • Media
If the law is passed, it will take effect 90 days after signing. This bill proposes amendments to the existing State Finance Law, enabling New York state agencies to accept cryptocurrencies for payment of:
- fines;
- taxes;
- rents;
- other obligations.
The document also stipulates that state agencies may enter into agreements with cryptocurrency issuers or other entities that will provide these services. Additionally, authorities will have the right to charge a service fee to cover the costs of processing transactions, including fees from cryptocurrency payment providers.
With these changes, the administration will have three months to prepare the necessary regulations and infrastructure to implement the new measures. It is worth noting that earlier, New York Attorney General Letitia James urged the U.S. Congress to pass legislation to regulate digital assets.