BlocksInform
New York officials are proposing legislation that would make a host of high-profile crypto assets acceptable forms of payment to government agencies.
The bill, which was proposed last week, would make Bitcoin (), Ethereum (), decentralized peer-to-peer network Litecoin (), and BTC hard fork Bitcoin Cash () valid forms of payments for the goods and services of New York state agencies.
'each State body is allowed to enter into agreements with individuals to provide acceptance, through the government offices, cryptocurrency as the means by which fines are paid, civil penalties, rent, rates, taxes, fees, charges, revenue, financial liabilities and other amounts, including penalties, Special Appraisals & Interest, debt to government institutions.
Any agreement of this type will govern the terms under which cryptocurrency was offered as a means of payment… shall be accepted or declined and the manner in and conditions upon which such person or cryptocurrency issuer shall pay to such state agency such amount of fines…”
The language of the bill also leaves room for other digital resources to be used in a similar manner.
"Cryptocurrency Issuer" refers to an issuer of all forms of cryptocurrency, including, but not limited to, Bitcoin, Ethereum, Litecoin and Bitcoin Cash."
The bill would also make it possible for the government to charge a service fee for crypto payments. If passed, this legislation will come into force 90 days after it is approved.
