New York Lawmaker Submits Bill To Legalize Crypto Payment For Taxes And Fines
Recently, a member of the New York Assembly submitted a bill that would increase crypto adoption and usage in New York. According to the bill, state agencies could receive payments in digital currencies.
This includes payments for taxes, fees, civil penalties, fines, and other charges enforced by the government.
New York To Legalize Crypto Payment
Clyde Vanel, a pro-crypto politician and Democratic member of the NY assembly, submitted Bill A523. The legislation would allow state entities to sign agreements with individuals to accept crypto payments for different fees.
Meanwhile, the legislation does not make it mandatory for state agencies to accept cryptocurrency as payment. However, it does state that state entities can choose to accept payments in cryptocurrency.
In addition, the bill states that the court should enforce any agreements made to do so. According to the proposed bill, crypto is a digital currency that uses encryption techniques to control the generation of new currency units.
Furthermore, the proposal mentioned some examples, such as Bitcoin Cash, Bitcoin, Litecoin, and Ethereum. Depending on the interpretation of this definition, stablecoins such as the USDT and USDC might be included.
It is worth noting that stablecoin issuers regulate stablecoins supply and do not depend on cryptography. Notably, the latest regulation acknowledged that some digital currencies have an “issuer.”
The bill added that state agencies could add extra charges for the payer if the cryptocurrency issuer adds an extra fee.
New York Passes Bill To Ban Crypto Mining
Meanwhile, the New York Senate and Assembly must pass the bill before it becomes law. Also, Kathy Hochul, the Governor of New York, would have to sign the bill.
Meanwhile, the New York State authorities have not always been friendly to digital currency. Last November, New York passed legislation that banned crypto mining, making it the first US state to do so.
Many have criticized the state for its restrictive “BitLicense,” which all crypto exchanges must obtain. Last April, the state’s Mayor asked to cancel the BitLicense law, which he believes impedes crypto development in the state.
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