• New York Assembly Bill 2532 allows for state agencies to accept cryptocurrencies for payments related to taxes, rent, fines, penalties and interest.
• The bill names Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable currencies, but other cryptocurrencies are also allowed.
• The bill also allows for the state to charge a fee on transactions if necessary.
The state of New York is one step closer to allowing its agencies to accept cryptocurrency payments for various purposes. On January 26, 2021, the New York State Senate introduced Assembly Bill 2532, which, if passed, would enable state agencies to accept cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as legal payment for fines, taxes, rent, penalties, interest, and other purposes.
The bill would also grant state agencies the ability to charge a fee on transactions, in cases where they would otherwise be liable to bear the costs. Furthermore, in certain cases, the bill allows for some cryptocurrency payments to be conditional until the final payment is received in full.
In addition to the aforementioned coins, the bill also allows for other cryptocurrencies to be accepted, though it does not make any attempts to declare certain assets as acceptable. It also does not appear to be encouraging the commercial adoption of cryptocurrency, but rather amending existing laws to make way for the use of digital assets.
The introduction of Assembly Bill 2532 is a major step forward for the state of New York and its citizens. If the bill is passed, it will not only provide state agencies with an alternative form of payment, but also give citizens the option of paying for various services with their digital assets. This would be a huge benefit to both citizens and the state, as digital payments are often faster and more secure than traditional forms.
It remains to be seen if the bill will pass and become law, but if it does, it could be a major step forward for the adoption of cryptocurrency in the state of New York. Time will tell, but for now, the introduction of the bill is a positive sign for the future of digital payments in the Empire State.
