Important steps are being taken towards cryptocurrencies in New York City, USA. A recent bill requires government agencies to recognize cryptocurrencies as a legal payment method. However, it is unclear whether this proposal will be accepted. Here are the details…
Cryptocurrency law on the agenda in New York
Legislators in New York introduced a bill in the local senate on January 26 that could allow government agencies to recognize cryptocurrency as a legal payment. If the bill in question – New York Assembly Act 2532 – is passed, it will allow cryptocurrencies to be accepted as payment in certain circumstances. The bill does not appear to encourage commercial adoption of crypto. Instead, it is amending existing laws to allow government agencies to accept cryptocurrency for their own purposes. Taxes, rent, fines, penalties, interest, etc., through agreements with these institutions, individuals and groups. will have the opportunity to accept cryptocurrencies for payments related to
The text of the bill also suggests that some cryptocurrency payments may be conditional until the full final payment is received. Other than that, the text allows the state to charge a fee if it would otherwise be made to pay the costs of a transaction. The bill also refers to “issuers” but seems to use the term broadly. Contextually, the term seems to encompass not just those who create the crypto, but the services that process it.
Which cryptocurrencies are acceptable?
The bill specifically names Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable currencies. However, he says other cryptocurrencies are also acceptable. That is, no attempt was made to call only certain assets “acceptable”. The bill was presented by Congressman Clyde Vanel, who also proposed bills on crypto fraud and the establishment of crypto task forces. The bill has not yet been enacted. To take effect, it must be approved by the New York House and Senate and signed by Governor Kathy Hochul.
Other versions of the bill have been introduced since 2017. Given that it has not been accepted since 2017, it shows that its success is not guaranteed. So it is quite possible that this bill will not be accepted. New York is known for its strict policies towards other areas of the crypto industry. Only 32 firms are allowed to operate under the BitLicense or limited purpose trust agreement. The government also introduced strict regulations to crypto mining late last year, as we reported on Cryptokoin.com.
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