New York to Accept Crypto Payments for Government Services
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New York, the city that never sleeps, is considering allowing people to pay the government using crypto. However, this new proposal, called Assembly Bill A7788 and introduced by Clyde Vanel, an assemblyman, aims to update the state laws so that digital currencies can be used for paying fees, taxes, fines, and other state-related charges.
To this end, if passed, this would be a significant step toward adopting modern financial technology in the state. As it stands, the bill also shows that lawmakers are starting to view crypto more seriously, supporting innovation and protecting the public from scams.
Details of the Bill and Cryptos Included
The introduction of the Assembly Bill shows that New York state agencies could accept several major cryptocurrencies in the future. This includes coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), to give New Yorkers more flexibility in how they settle payments with government agencies. To this end, the bill also allows the state to charge a small service fee, but it must not be more than the actual cost of handling the crypto transaction. However, these costs may include blockchain fees or charges from crypto payment providers.
The purpose of this rule is to make the system fair for both citizens and the government. If approved, people could start using crypto for everyday government transactions, which would be a big step in normalizing digital currencies in the public sector. This would also set an example for other states to follow.
Growing Crypto Interest in New York and Nationwide
New York is not new to crypto legislation. A month earlier, lawmakers introduced Bill A06515 to fight crypto scams, such as “rug pulls,” where fake projects cheat investors. This shows that the state wants to support useful crypto tools and protect people from fraud. As is stands, the timing of the bill suggests a strong and growing interest in safe crypto adoption.
Nationally, President Donald Trump’s return to office has increased the focus on crypto innovation. He promised during his campaign to support blockchain technology and bring it into the national economy. This has motivated several states, including New York, to look at how they can work with crypto. If Assembly Bill A7788 is approved, New York may lead the way in making crypto a legal payment option for state services.
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