New York Could Soon Accept Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) as Payment for State Services

A new bill, Assembly Bill A7788, was recently proposed by Assemblyman Clyde Vanel. The bill seeks to amend the existing law to permit New York state agencies to accept cryptocurrencies as payment.

A new bill proposed in New York could see the state accept cryptocurrency such as Bitcoin and Ethereum as a means of payment for state-related services.

Assembly Bill A7788, which was recently proposed by Assemblyman Clyde Vanel, seeks to amend Section 54 of the State Finance Law, permitting New York state agencies to accept cryptocurrencies for any financial responsibility to the state.

This would include items such as taxes, fines, fees, rent, civil penalties, or any other financial obligation that an individual might have to pay to the state. The cryptocurrencies that are being listed in the bill are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

If the bill is passed, New Yorkers would be given more choices when it comes to paying what they owe to the state, and the state crypto payment would be in accordance with the legal methods of payment.

In order to make this equitable for the government, the bill also permits the state to impose a service fee, but it cannot exceed the cost of processing the crypto payment. This would include such expenses as blockchain transaction fees or fees to payment processors.

Earlier last month, Bill A06515 was proposed in a bid to prevent crypto scams and frauds such as rug pulls, where investors are deceived by fraudulent projects. The new bill comes as legislators are quickly advancing their crypto legislation and adoption.

At a national level, President Donald Trump’s reinstatement in January has put even more focus on crypto. Throughout his election campaign, Trump vowed to embrace blockchain innovation and include crypto in the United States economy.

This has seen multiple states explore how they can collaborate with cryptocurrencies. For example, Arizona recently passed a bill that will allow the state to accept crypto for taxes.

Assembly Bill A7788 is now with the Assembly Committee, and if it advances from there, it will go to the state Senate.