The draft law of the New York Senate suggests the legalization of crypto for payment in state authorities

The draft law of the New York Senate suggests the legalization of crypto for payment in state authorities

A new draft law that was presented to the New York Senate aims to make certain cryptocurrencies a legal form of payment for state bodies.

This would include the acceptance of crypto as a payment for civil law punishments, fines, taxes and other fees raised by the state.

• How detailed in the Legislation as announced on Thursday, accepted cryptocurrencies Bitcoin, ether and litecoin, litecoin and Bitcoin cash include even though it could contain more.
• In particular, the legislation describes cryptocurrency as "any form of digital currency, in which encryption techniques are used to regulate the generation of currency units and check the money transfer that operate independently of a central bank".
• The draft law would enable the state to voluntarily make agreements "with persons in order to provide the assumption of cryptocurrencies as a means of payment by government agencies", although they would not be legally obliged to accept such transactions.
• The proposal was brought in by Clyde Vanel, a member of the Democratic Assembly. He is often seen as a crypto-friendly politician, although many members of his party are against crypto against crypto environmental impact and use for .
• Last week a bill was introduced in Arizona by Senator Wendy Rogers to make Bitcoin and other cryptos nationwide. Like Vanel's bill, it would allow governmental agencies to receive agreements with issuers of cryptocurrencies in order to offer citizens a way, tax, rents and fines in crypto.
• Rogers suggested before A Similar invoice in January 2022, but it didn't seem to be obtained.

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