Kevin Helms
An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been a evangelist ever since. His interests are in Bitcoin security, open source systems, network effects and the intersection between economics and cryptography.
A bill has been introduced in the US state of New York Allow government agencies to accept cryptocurrency payments, including Bitcoin, Ether, Litecoin, and Bitcoin Cash. The law proposes to allow crypto to be used as a means of payment for “fines, civil penalties, rents, rates, taxes, fees, charges” and more.
A bill to allow state agencies to accept crypto payments
New York State Assemblyman Clyde Whannell introduced a bill Thursday that would “establish cryptocurrencies as payment for state agencies,” according to a description of the bill on the New York State Senate website. Assembly Bill A2532 has been referred to the New York State Assembly Committee on Government Operations. According to its summary, the bill:
State agencies are allowed to accept cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash as payment.
The bill seeks to amend New York’s state finance law by adding “cryptocurrency as payment.” The law defines cryptocurrency as “any form of digital currency used to regulate the production of units of currency and to verify the transfer of funds, operating independently of a central bank but including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.”
According to its text, the bill proposes to authorize state agencies to enter into contracts with individuals or entities to accept cryptocurrency “as a means of payment of fines, civil penalties, rents, rates, taxes, fees, charges, revenues, financial obligations or other payment. Amounts, fines, special Dues to state agencies, including assessments and interest.
This week, Arizona State Senator Wendy Rogers introduced A similar bill would allow state agencies to accept cryptocurrency. He also introduced a bill to make bitcoin legal tender in his state.
Do you think this bill will pass and state agencies will be able to accept crypto payments? Let us know in the comments section below.
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