New York Proposes Law to Enable Crypto Payments for State Agencies – Cryptocurrency Regulation

In the US state of New York, a bill has been launched to allow state-run agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin and bitcoin cash. The proposed legislation seeks to amend the state by allowing for “cryptocurrency as a form of payment.”

Bill Would Allow State Agencies to Receive Crypto Funds

New York State Assembly Member Clyde Vanel introduced a bill on Thursday called “Establishing Cryptocurrency as a Form of Payment for State Agencies,” according to the description on the state Senate website. Assembly Bill A2532 has been referred to the New York State Assembly Committee on Government Operations. The bill’s abstract can be found here.

It establishes that state-owned entities can accept payments in cryptocurrencies such as bitcoin, ethereum or litecoin.

The bill seeks to amend New York by including “cryptocurrency as a form of payment.” The legislation defines cryptocurrency as “any form of digital currency in which encryption techniques are used to regulate the generation of currency units and verify the transfer of funds, which operates independently of a central bank, including but not limited to bitcoin, ethereum, litecoin, and bitcoin cash.”

According to the bill’s text, state agencies can enter into agreements to accept cryptocurrencies from individuals or entities as “a means of payment for fines, civil penalties, rents, fees, taxes, fees, charges, income, financial obligations or other amounts, including penalties, special assessments, and interest, owed to state agencies.”

This week, Arizona State Senator Wendy Rogers introduced a similar bill to allow state agencies to accept cryptocurrency payments. She also proposed a bill to make Bitcoin an authorized tender in her state.

What do you think of the bill and what are the chances of the state accepting crypto payments with its agencies? Please let us know in the comments section.