New York Introduces Bill to Allow Crypto as a Form of Payment

Credit – Mannet.COM

A bill has been introduced to the New York Senate that would make cryptocurrencies a legal form of payment in state agencies. The legislation was set forth on January 26th and divulges changes to the state’s current financial law to introduce the use of cryptocurrencies.

The legislation states that the amendment would legally allow, “New York state agencies to accept cryptocurrencies as a form of payment.” Moreover, the document dedicates several sections to the defining of cryptocurrencies under the introduced amendment. Specifically, allowing the acceptance of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as payment options.

New York Introduces Crypto as a Form of Payment

The regulation and implementation of cryptocurrencies have been an often debated topic since the start of 2023. Following the massive losses accrued by the industry last year, and the fraudulent activities that were uncovered, there has undoubtedly been an emphasis placed on regulatory agencies grappling with how to approach the assets.

Earlier this week saw Arizona attempt to introduce a bill that made Bitcoin, and other cryptos, legal tender in the state. Now, New York has followed suit, with a bill being introduced to the senate to make cryptocurrencies an acceptable form of payment in state agencies.

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Specifically, the legislation states that the act will, “amend the state finance law, in relation to allowing New York state agencies to accept cryptocurrencies as a form of payment.” Moreover, the legal document expresses the definition of cryptocurrencies and the guidelines between those digital assets and state agencies.

Conclusively, the bill states that “Each state agency is authorized to enter into an agreement with persons to provide the acceptance, by offices of the state, of cryptocurrency as a means of payment of fines, civil penalties, rent, rates, taxes,” and more civil duties. The bill is set to change the very landscape of integrated digital assets in one of America’s largest cities.