New legislation in New York proposes government acceptance of digital currencies for payments. Find out more about the potential impact of this initiative.
A new legislative proposal has been introduced in the New York State Assembly allowing government entities to accept payments in digital currencies. The proposal, presented by Assemblyman Clyde Vanel, suggests that government entities can accept Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for fines, taxes, rent, and other government debts. According to the proposal, government entities can enter contracts with digital currency issuers or payment service providers. The proposal emphasizes that debts will not be considered settled until the government receives full payment in traditional currency. Similar proposals have been introduced before but none have become law. If approved, this law will take effect 90 days after enactment.
