Bill To Make Bitcoin, Ethereum, Litecoin, and Bitcoin Cash Payment Methods for State Agencies Hits New York

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Officials in New York are proposing a bill that would make a slew of top crypto assets acceptable forms of payment for state agencies.

The bill, which was proposed last week, would make Bitcoin (BTC), Ethereum (ETH), the decentralized peer-to-peer network Litecoin (LTC) and the BTC hard fork Bitcoin Cash (BCH) forms of valid payment for goods and services from New York State agencies.

Each state agency is authorized to enter into agreements with individuals to ensure acceptance by state offices of cryptocurrency as payment for fines, civil penalties, rent, tariffs , taxes, fees, charges, revenues, financial obligations or other amounts, including penalties, special assessments and interest, due to public bodies.

Such agreement shall govern the terms and conditions under which cryptocurrency offered as payment shall be accepted or declined and the manner and conditions under which such person or issuer of cryptocurrency shall pay to such state agency. the amount of fines…

The wording of invoices also leaves room for the possibility that other digital assets may also be used in the same way.

Cryptocurrency Issuer means an issuer of any form of cryptocurrency, including but not limited to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

The legislation would also allow the state to charge people a service fee to make crypto payments. If passed, the bill would become law 90 days after approval.

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