A bill introduced in the New York State Assembly would allow government agencies to accept cryptocurrencies as a form of payment for fines and other taxes and fees imposed by the state.
The bill was sponsored by Democratic Party member Clyde Vanel. He said that if passed, the law would allow government agencies to enter into agreements with virtual asset operators that would ensure that government agencies accept cryptocurrencies as a means of payment.
The scope of possible transactions using digital assets is proposed to include various types of fees, including fines, civil penalties, rent, duties, taxes, repayment of financial liabilities and other payments due to government agencies.
The bill defines cryptocurrency as “any form of digital currency in which encryption techniques are used to regulate the generation of monetary units.” It assumes the possibility of making financial transactions in BTC, ETH, LTC and BCH.
Vanel explained that the future law does not directly oblige state bodies to accept cryptocurrency as a means of payment, but state bodies will be able to accept such payments legally after agreement with the courts.
To become law, the bill must be passed by the New York Assembly and Senate, and signed by State Governor Kathy Hochul.
Earlier, Republican Arizona Senate member Wendy Rogers proposed amendments to local legislators to make bitcoin legal tender in the state.
Source: Bits
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