New York Assembly Bill A7788, introduced by Clyde Vanel, proposes allowing state agencies to accept cryptocurrency payments. It includes Bitcoin, Ether, Litecoin, and Bitcoin Cash for various financial obligations. The bill also mentions a service fee for crypto payments. This follows earlier crypto legislation aiming to combat fraud and shows the state’s commitment to integrating digital currencies in public services.
In a notable step toward integrating digital currencies into public services, New York Assemblyman Clyde Vanel has introduced Assembly Bill A7788. This legislation proposes allowing state agencies to accept payments in cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The bill outlines that these crypto payments could be applied to fines, taxes, fees, and other financial obligations.
This legislative movement signifies growing support for cryptocurrency usage in New York, following a wave of related proposals in recent months. Bill A7788 is the second crypto-focused bill introduced only a month after Bill A06515, which aims to thwart cryptocurrency fraud and safeguard investors. These efforts reflect a broader national interest in establishing more defined crypto policies and protections.
The proposed bill also includes a provision for the state to impose a service fee on those opting to make payments via cryptocurrency. This fee would not exceed the costs incurred by the state related to these transactions, which could include transaction costs or fees paid to crypto issuers, marking a potential shift in how digital assets are managed in public finance.
If the bill gains approval, it will undergo review by the Assembly Committee before potentially moving to the state Senate. This follows Illinois’ recent enactment of a similar crypto bill aimed at preventing fraud in digital transactions, indicating a trend towards stricter regulations and clearer standards for cryptocurrency use nationwide.
New York’s Assembly Bill A7788 marks a significant move towards accepting cryptocurrencies in state payments, enabling agencies to utilize a diverse range of digital currencies for various financial obligations. As the state makes strides in crypto legislation, including protective measures against fraud, it aligns with a growing political will and national interest in the cryptocurrency landscape. Should the bill pass, it could reshape the integration of digital currencies into the state’s financial framework.
Original Source: cointelegraph.com
