New York State Takes a Step Toward Cryptocurrency Adoption with New Bill
Image Source: Pixabay The state of New York has announced a new bill that would allow agencies to accept crypto currency as a form of payment for fines, civil penalties, taxes, fees, and other payments charged by the state. Introduced on January 26 by Democratic Assembly Member Clyde Vanel, the New York State Assembly Bill A523 legislation suggests changes to the state’s current financial law to allow for the use of cryptocurrencies in payments to state agencies. More specifically, the bill allows state agencies to enter into “agreements with persons to provide the acceptance, by offices of the state, of crypto currency as a means of payment” for various types of fees, including “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies.” The bill defined "crypto currency " as any form of digit...