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

Officials in New York are proposing a bill that would make a slew of prominent crypto assets acceptable forms of payment for state agencies.

The bill, which was proposed last week, would make Bitcoin (BTC), Ethereum (ETH), decentralized peer-to-peer network Litecoin (LTC), and BTC hard fork Bitcoin Cash (BCH) valid forms of payments for the goods and services of New York state agencies.

“Each state agency is authorized to enter into agreements with persons to provide the acceptance, by offices of the state, of cryptocurrency as a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies.

Any such agreement shall govern the terms and conditions upon which cryptocurrency proffered as a means of payment… shall be accepted or declined and the manner in and conditions upon which such person or cryptocurrency issuer shall pay to such state agency such amount of fines…”

The bill’s language also leaves room for the possibility of other digital assets being utilized in the same manner as well.

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

The legislation would also allow the state to charge people with a service fee for making payments in crypto. If passed, the bill would become law 90 days after its approval.

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Featured Image: Shutterstock/jamesteohart/Qeeraw