Crypto Payment Bill For State Agencies Received By New York Assembly

Key Points:

• The New York State Assembly has been given a bill that will let state organizations to accept cryptocurrencies as payment for fines, taxes, fees, civil penalties, and other state-related obligations.
• The recently proposed cryptocurrency law, known as Assembly Bill A2532, seeks to make cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash acceptable forms of payment for all state entities in the city of New York.
• Bill A2532, which was introduced on Thursday, has been forwarded to the New York State Assembly Committee on Government Operations for additional research and potential revisions.

The New York State Assembly has been given a bill that will let state organizations to accept cryptocurrencies as payment for fines, taxes, fees, civil penalties, and other state-related obligations.

Democratic legislator Clyde Vanel, a well-known supporter of cryptocurrencies, submitted the bill on Thursday during a legislative session.

Clyde Vanel, who represents New York’s 33rd congressional district, is well known for having sponsored various laws that were favorable to cryptocurrencies in the past, most notably the Cryptocurrency and Blockchain Study Task Force bill.

The recently proposed cryptocurrency law, known as Assembly Bill A2532, seeks to make cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash acceptable forms of payment for all state entities in the city of New York.

In order to accomplish this, the bill suggests allowing these agencies to collaborate with pertinent parties in order to accept cryptocurrency assets as payment for “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations, or other amounts, including penalties, special assessments, and interest, owed to state agencies.”

New York State Assembly Committee on Government Operations for additional research and potential revisions

Bill A2532, which was introduced on Thursday, has been forwarded to the New York State Assembly Committee on Government Operations for additional research and potential revisions.

The bill still needs to be approved by both the Assembly and Senate in New York before it can be signed into law, in accordance with the legislative procedure.

In related events, Wendy Rogers, a senator now serving in Arizona, introduced a related bill on Wednesday during a legislative session. In addition to allowing all state agencies to accept cryptocurrencies as legal tender, the Republican senator’s plan recommended that Bitcoin become a recognized form of payment in Arizona.

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