Bill To Make Bitcoin, Ethereum, Litecoin and Bitcoin Cash Means of Payments for State Agencies Hits New York

New York officials are proposing a bill that would allow a number of high-profile crypto assets to be accepted as payment methods for state agencies.

The bill Proposed Last week, it made Bitcoin (BTC), Ethereum (ETH), decentralized peer-to-peer network Litecoin (LTC), and BTC hard fork Bitcoin Cash (BCH) valid forms of payment for goods and services of New York state government agencies. It’s a schedule. .

“Each state agency contracts with people to provide state offices to accept cryptocurrencies as a means of payment for fines, civil penalties, rents, rates, taxes, fees, charges, income, and financial obligations. other amounts owed to state agencies, such as fines, special assessments, and interest.

Such agreement shall set forth the conditions under which cryptocurrencies offered as a means of payment may be approved or rejected, and the manner and conditions under which such persons or cryptocurrency issuers shall pay fines to such State agencies. increase…”

The text of the bill leaves open the possibility that other digital assets could be used as well.

“‘Cryptocurrency Issuer’ means an issuer of any form of cryptocurrency, including but not limited to Bitcoin, Ethereum, Litecoin and Bitcoin Cash.”

The law also allows states to charge service fees for payments made in cryptocurrencies. If passed, the bill will become law 90 days after his approval.

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