🟢 New York opens doors for Bitcoin and crypto in government payments

— Bill A7788, proposed in New York, could make Bitcoin, Ethereum, Litecoin, and Bitcoin Cash official means of paying taxes, fines, fees, and other government payments.

Good news, New York!

Assemblyman Clyde Vanell has proposed a new bill, A7788, that could see Bitcoin, Ethereum, Litecoin, and Bitcoin Cash accepted for paying taxes, fines, fees, and other government payments in the state.

This bill would allow government agencies in New York to accept cryptocurrency as legal payment for:

* Taxes and fines

* Rent and fees

* Financial obligations

This is the second crypto bill in the last month in the state. The first one, A06515, is focused on combating crypto fraud and rug-pull schemes.

It’s interesting to see this move from New York, which has traditionally been one of the strictest states regarding digital assets (who doesn’t know about BitLicense?). But now there is a clear pivot towards supporting the crypto space.

If this initiative passes, New York could join Illinois and other regions in the US that are already implementing crypto-related laws.

The law also proposes the possibility of charging a service fee for processing crypto payments — a logical step to cover transaction costs.

output: A7788 would add LTC, BCH to crypto payment bill

Assemblyman Clyde Vanell is proposing a new bill, A7788, that would make Bitcoin, Ethereum, Litecoin, and Bitcoin Cash official means of paying taxes, fines, fees, and other government payments in New York.

This bill would allow government agencies in New York to accept cryptocurrency as legal payment for taxes and fines, rent and fees, and financial obligations.

This is the second crypto bill in the last month in the state. The first one, A06515 by Assemblywoman Maritza Rodriguez, aims to combat crypto fraud and rug-pull schemes.

It’s interesting to see this move from New York, which has traditionally been one of the strictest states regarding digital assets. But now there is a clear pivot towards supporting the crypto space. If this initiative passes, New York could join Illinois and other regions in the U.S. that are already implementing crypto-related laws.

This bill, A7788, would also allow the state to collect a service fee for processing crypto payments, which is a logical step to cover transaction costs.