A bill introduced in the New York State Assembly proposes allowing state agencies to accept Bitcoin and cryptocurrency payments, signaling a potential shift in the state’s stance on digital transactions.
Sponsored by Assemblyman Clyde Vanel, Assembly Bill A7788 aims to amend financial law to permit the use of Bitcoin and other cryptocurrencies for “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations, or other amounts,” as well as penalties, special assessments, and interest.
The bill includes a provision for service fees, permitting the state to charge a fee not exceeding the costs incurred from processing cryptocurrency payments, including any third-party platform fees.
This is the second recent Bitcoin-focused measure introduced in New York. In March, Bill A06515 proposed establishing criminal penalties for crypto-related fraud, such as rug pulls.
