• New York Assembly Bill 2532 would allow state agencies to accept cryptocurrencies for payments related to taxes, rent, fines, penalties, interest, and more.
• The bill mentions Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable currencies, with the possibility of other cryptocurrencies being accepted.
• The bill also allows the state to charge a fee if it would otherwise be made to pay the costs of a transaction.
The state of New York is looking to make a major change in the realm of cryptocurrency adoption. A new bill, New York Assembly Bill 2532, proposes to allow state agencies to accept cryptocurrencies for payments related to taxes, rent, fines, penalties, interest, and more. If the bill passes, it could significantly expand the use of cryptocurrencies in New York.
The bill specifically names Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable currencies. Additionally, it suggests that other cryptocurrencies may also be accepted, giving individual agencies the freedom to decide which ones to use. Furthermore, the text allows the state to charge a fee if it would otherwise be made to pay the costs of a transaction. This could help cover the costs of processing cryptocurrency payments and make it more feasible for state agencies to accept them.
The bill also makes references to „issuers“ but seems to use the term broadly. Contextually, the term seems to extend to services that handle crypto, not just those who create it. This could be beneficial for state agencies that have to deal with multiple cryptocurrencies and need support in managing them.
In addition, the bill suggests that cryptocurrency payments could be conditional until the final payment is received in full. This could help protect state agencies from potential fraud and other risks associated with cryptocurrency payments.
If New York Assembly Bill 2532 passes, it could have a major impact on the state’s cryptocurrency adoption. It could potentially open the door for more crypto payments in New York and make it easier for state agencies to accept them. This could be a major step forward for the adoption of cryptocurrencies in the state and potentially beyond.