New York Assembly Receives Crypto Payment Bill for State Agencies

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The New York State Assembly has received a bill that will legalize state agencies to accept cryptocurrency as payment for fines, taxes, fees, civil penalties, and other state-related contributions.

The bill was introduced in a legislative session on Thursday by Clyde Vanel, a prominent cryptocurrency advocate and member of the Democratic party.

Clyde Vanel is the Representative for New York’s 33rd District and is very popular for sponsoring several crypto-friendly bills in the past, including the Cryptocurrency Study Task Force Bill and the blockchain.

Proposed Bill Will Allow State Agencies to Accept Crypto as Payment

Referred to as Assembly Bill A2532, the proposed new crypto legislation seeks to establish cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as a means of payment for all state agencies in new York City.

To this end, the bill proposes that these agencies be allowed to form partnerships with competent entities that will allow the acceptance of crypto assets for the settlement of fines, civil penalties, rents, tariffs, taxes , fees, charges, revenues, financial obligations or other amounts, including penalties, special assessments and interest, due to government agencies.

Following its introduction on Thursday, Bill A2532 has been referred to the New York State Assembly Government Operations Committee for further study and possible amendments.

Under the legislative process, the bill is still subject to adoption by the New York Assembly and Senate body, followed by approval by the state governor before it becomes law.

Separately, Wendy Rogers, a sitting member of the Arizona State Senate, also introduced a similar bill Wednesday during a legislative session. The Republican senator’s bill proposed that Bitcoin become legal tender in Arizona, in addition to allowing all state agencies to accept cryptocurrency as an official means of payment.

Cryptocurrency adoption in the United States

Following the rapid growth of the cryptocurrency market over the past few years, several US states have taken different approaches to engaging with the $1 trillion industry.

States like Nevada and California have embraced the use of digital assets by enacting crypto-friendly legislation that promotes cryptocurrency adoption at different business levels.

On the other hand, states like New York and Hawaii prefer to take strict measures via putting in place heavyweight crypto regulations to protect citizens from risks such as market volatility, scams, etc.

At the federal level, a regulatory framework for the cryptocurrency industry is still in the works following US President Joe Bidens’ order last year for relevant authorities to review the benefits and risks associated with cryptocurrency. currency.

The White House also released a roadmap to mitigate cryptocurrency risk as the Biden administration calls on relevant authorities to step up efforts to put in place the necessary regulations for the crypto sector.

That said, the crypto market is currently enjoying an impressive recovery from the severe market losses that occurred at the end of last year. According to data from CoinMarketCap, Bitcoin, the market’s largest asset, is currently trading at $23,217, up 0.72% in the past 24 hours.

BTC is trading at $23,199.00 | Source: BTCUSD Chart at Tradingview.com

Featured image: National Geographic Kids, graphic from Tradingview.com

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