New York wants to use stable coins as a means of payment for guarantees
New York wants to use stable coins as a means of payment for guarantees
The authorities of the New York state have proposed certain changes in the law that could enable the residents to handle deposits in stable coins instead of fiat currency. The draft law could become officially six months after the green light of the responsible regulatory authorities.
Domestic legislators have already issued laws that aim to make certain cryptocurrencies on official means of payment for civil terms, fines, taxes and other fees.
Another crypto step for the state of New York
Laws 7024 of the New York Assembly, Preserver-Spaces = "True"> on May 10th tries to manage the acceptance, recording and processing of stablecoins as a means Securing the deposit. However, the officials did not announce which assets are included in the potential legislation.
The legislators pointed out the volatility of the cryptocurrency market and emphasized that the court could possibly request further guarantees if the value of stable coins falls by more than 50 % compared to the value at the time of depositing the deposit.
"If the court orders that a deposit is stored in accordance with sales (J) of the sub-section of this section and the value of the stable coins is more than fifty percent below the value of the stable coin at the time of depositing the deposit, the court can apply in its own discretion, as in the lower section this section is scheduled, ”says the draft law.
StableCoins that are linked to Fiat currencies or precious metals should have a fixed price, but there are some examples of the opposite. USDC (the second largest stable coin) fell up to $ 0.87 in March of this year after circle (the company behind the asset) unveiled Valley Bank. The company solved the problems in the following days by transferring the funds to another bank, and the token reached its price target of $ 1.
The previous invoices
The New York Senate recently proposed span-prServer-spaces = "true"> spaserver-spaces = "true"> that could enable the locals, taxes, fines, civil terms etc.) in Bitcoin (BTC), Ether (Eth), Litecoin (LTC) and Bitcoin Cash (BCH).
The legislation classifies crypto-assets as "any form of digital currency, in which encryption techniques are used to regulate the generation of currency units and check the money transfer, and which are carried out regardless of a central bank."
The state of Arizona has also developed into a crypto-friendly region. Senator Wendy Rogers introduced A bill in 2022 that aims to make BTC a legal means of payment. She was not able to attempt, but she proposed Another law that could make the primary cryptocurrency an official means of payment in the region.
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