By Zoltan Vardai via CoinTelegraph.com,
A New York lawmaker has introduced legislation that would allow state agencies to accept cryptocurrency payments, signaling a growing political momentum to integrate digital assets into public services.
Assembly Bill A7788, introduced by Assemblyman Clyde Vanel, seeks to amend the state’s financial law to allow New York state agencies to accept cryptocurrencies as a form of payment.
This would allow government agencies to accept payments in Bitcoin, Ether, Litecoin, and Bitcoin Cash, according to the draft text.
Source: Nysenate.gov
According to the bill, state agencies may allow crypto payments for “fines, civil penalties, rent, rates, taxes, fees, charges, revenues, financial obligations or other amounts,” as well as fines, special assessments and interest.
Cryptocurrency legislation is becoming a focal point in New York, with Bill A7788 marking the state’s second crypto-based piece of legislation in just over a month.
In March, New York introduced Bill A06515, which aims to establish criminal penalties to prevent cryptocurrency fraud and protect investors from rug-pulling.
Crypto-based legislation has gained momentum since President Donald Trump took office on January 20, with Trump signaling during his campaign that his administration intends to make crypto policy a national priority and transform the US into a global hub for blockchain innovation.
New York may impose a state fee on crypto payments
If passed, the bill would mark a significant shift in New York City’s handling of digital assets. It would allow state agencies to integrate cryptocurrency into the payments infrastructure used to collect state funds.
The proposal also includes a clause that allows the state to impose a service fee on crypto payment decision-makers. According to the text, the state can charge “a service fee that does not exceed the costs incurred by the state in connection with the cryptocurrency payment transaction.” This could include transaction costs or fees owed to crypto issuers.
Assembly Bill A7788 has been sent to an Assembly committee for review and could next go to the state Senate.
The New York legislation came into effect shortly after the state of Illinois passed a crypto bill to combat fraud and rug-pulling following a recent wave of insider schemes involving meme coins, Cointelegraph reported on April 11.
