The US state of New York is looking at a bill which would allow state businesses to accept cryptocurrency payments including bitcoin, ether, and litecoin.
Legislation to Allow Cryptocurrency Payments in New York
The New York State Assembly bill, introduced by Assemblyman Clyde Vanel on Thursday, is titled “Establishing Cryptocurrency as a Form of Payment for State Agencies”. According to the description on the Senate website, the bill was referred to the New York State Assembly Committee on Government Operations.
It establishes that state companies can settle for cryptocurrency akin to bitcoin and ethereum.
The legislation seeks to amend New York law to include “cryptocurrency as a form of payment”. The bill 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.”
The bill proposes that state businesses are allowed to enter into agreements with entities or individuals to accept cryptocurrencies “as a means of payment of 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 Senator Wendy Rogers also introduced a bill to allow state-owned businesses to accept cryptocurrency. The bill also authorizes the use of Bitcoin as tender in Arizona.
What do you think of the bill? Please let us know in the comments section.
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