New York introduces bill to legalize crypto payments for state purposes
New York legislators introduced a bill to the local Senate. January 26th This will allow government agencies to accept cryptocurrencies as legitimate payments.
The bill in question — New York Congress Bill 2532 —, if enacted, would allow cryptocurrencies to be accepted as payment in certain circumstances.
The bill does not appear to encourage commercial adoption of cryptocurrencies. Instead, it will amend existing laws to allow state agencies to accept cryptocurrencies for that purpose. These institutions can accept crypto for payments related to taxes, rent, penalties, penalties, interest, etc. through contracts with individuals and groups.
The text of the bill also suggests that some cryptocurrency payments may be conditional until final payment is received in full. It allows countries to charge a fee if they have to pay the cost of
The bill also refers to “issuer,” but seems to use the term broadly. For context, the term seems to extend not only to people who create cryptography, but also to services that process cryptography.
The bill specifically lists Bitcoin, Ethereum, Litecoin and Bitcoin Cash as acceptable currencies. However, it also states that it can accept other cryptocurrencies, and does not attempt to declare any particular asset as acceptable.
The bill was introduced by Congressman Clyde Bunnell, who introduced bills related to crypto fraud and the establishment of a crypto task force.
This bill has not yet become law. It must be passed by the New York Legislature and Senate and must be signed by Governor Kathy Hochul before it becomes effective. Other versions of the bill have been introduced since 2017, suggesting their success is not guaranteed.
New York is known for its strict policies on other areas of the crypto industry. Only 32 companies are authorized to operate under his BitLicense or Limited Purpose Trust Charter. The state also imposed strict regulations on cryptocurrency mining late last year.
