A New York legislator has introduced law that will allow state agencies to accept cryptocurrency payments, which has signed a growing political momentum for the integration of digital ownership in public services.
Assembly Bill A7788Introduced by Assemblyman Clyde Vanel, aims to change state financial law to allow New York State agencies to accept cryptocurrencies as a payment form.
This may allow state agencies to accept Bitcoin payments (Btc), Ether (Eth), Litecoin (LTC) and bitcoin cash (Bch), according to the text of the bill.
Source: NYSENATE.gov
According to the bill, state offices may allow crypto payments for “fine, civil penalties, rent, rate, taxes, fees, charges, income, financial obligations or other amounts,” as well as penalties, special assessment and interest.
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Cryptocurrency law is becoming a focal point in New York, with Bill A7788 marking a second law -focusing of the State crypto for a month.
In March, New York introduced Bill A06515, which aims to promote criminal penalties to prevent cryptocurrency fraud and protect investors from pulling rugs.
Crypto -focused law gathered momentum since US president Donald Trump Crypto policy a national priorityas well as making the US a global hub for blockchain change.
Related: The Illinois Senate passed the crypto bill to fight fraud and rug pulls
New York may be ordering state of “service fee” on crypto payments
After all, the bill will mark a significant transition to how New York manages digital ownership. This will allow state entities to combine cryptocurrency with the payment infrastructure used for collecting public funds.
The proposal also includes a clause that allows the state to impose a service fee to those who choose to pay with crypto. According to the text, the state may require “a service fee that is no more than the costs incurred by the state related to the cryptocurrency transaction.” This may include transaction costs or debt fees to crypto providers.
The Assembly Bill A7788 is referred to as the Assembly Committee to review and may advance to the State Senate as the next step.
New York law came shortly after the state of Illinois passed a crypto bilL to combat fraud and rug pulls, after a recent wave of insider schemes related to Memecoins, Cointelegraph reported on April 11.
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