New York cryptocurrency as a form of payment

New York State Assemblyman Clyde Vanel introduced a bill Thursday that would "establish cryptocurrencies as a form of payment for government agencies," according to a description of the bill on the New York State Senate website. Bill A2532 has been referred to the New York State Assembly Committee on Governmental Affairs. According to its content, the bill:

Establishes that government agencies are allowed to accept cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as payment.

The bill would amend New York state finance law to add "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 creation of units of currency and verify the transfer of funds that operates independently of a central bank, including but not limited to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash ".

According to its text, the draft law proposes to authorize state bodies to enter into agreements with individuals or legal entities on the acceptance of cryptocurrency "as a means of payment of fines, civil penalties, rents, rates, taxes, fees, charges, revenues, financial obligations or other amounts, including fines, special charges and interest, debt owed to public authorities".

This week, Arizona State Senator Wendy Rogers introduced a similar bill to allow government agencies to accept cryptocurrency. She also introduced a bill to make bitcoin legal tender in her state.

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Author: GEximius