• New York Assembly Bill 2532 would allow state agencies to accept Bitcoin and other cryptocurrencies for payments such as taxes, rent, fines, penalties, and interest.
• The bill does not seem to encourage commercial adoption of crypto, but rather to amend existing laws to allow state agencies to accept cryptocurrency for their purposes.
• The bill specifically names Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable currencies, and also allows for other cryptos to be accepted.
New York is taking a major step towards legalizing cryptocurrency payments for state purposes. On Jan. 26, Assembly member Clyde Vanel introduced New York Assembly Bill 2532, which would allow state agencies to accept Bitcoin and other cryptocurrencies for payments such as taxes, rent, fines, penalties and interest.
The bill does not seem to encourage the commercial adoption of cryptos, but rather to amend existing laws to allow state agencies to accept cryptocurrency for their purposes. It allows for the state to charge a fee if it would otherwise be made to pay the costs of a transaction, and suggests that some cryptocurrency payments could be conditional until the final payment is received in full.
The bill specifically names Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable currencies, and also allows for other cryptos to be accepted. In addition, the term “issuer” is used broadly, suggesting that it extends to services that handle crypto, not just those who create it.
This is a major development for the cryptocurrency industry, as it gives more legitimacy to the notion that cryptocurrencies can be used for payments. The potential implications of this bill are huge – if it passes, it could open up a whole new world of possibilities for cryptocurrency payments within the state of New York. It could also encourage other states to follow suit and allow for crypto payments for state purposes.
New York Assembly Bill 2532 is a major step forward for the cryptocurrency industry. It shows that the state is open to the idea of crypto payments, and could pave the way for more widespread adoption in the future.
