New York Assembly Proposes Adoption of Cryptocurrency for Fines and Tax Payments
The New York State Assembly has proposed a new bill on Jan. 26 aimed at enabling state agencies to receive cryptocurrency as a payment option for fines, taxes, fees, and other state-mandated payments. The bill clarifies the legality of accepting cryptocurrency and ensures that these agreements will be upheld by the court.
Democratic Assembly Member Clyde Vanel, known for his support of cryptocurrency, has introduced New York State Assembly Bill A523. The proposed legislation clarifies that state agencies have the legal authority to accept cryptocurrency payments for fines and taxes, and outlines a definition of the term 'cryptocurrency' to encompass popular digital currencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The bill clarifies the legal standing of such agreements and requires their enforcement by the courts.?
The New York Assembly has introduced a bill recognizing the presence of cryptocurrency issuers and allowing state agencies to impose additional fees if fees are imposed by the issuer. The bill requires approval from both the Assembly and Senate, as well as the signature of Governor Kathy Hochul to become law.?
Despite this recent development, New York has maintained a challenging stance towards cryptocurrency, having previously banned the majority of crypto mining operations and facing criticism for its stringent "BitLicense" regulation mandating crypto exchanges to obtain a license.
Cryptocurrency in the US
The United States has experienced a diversity of attitudes towards the cryptocurrency market, which has grown significantly in recent years. While states like Nevada and California have embraced the use of digital assets with supportive legislation, states like New York and Hawaii have opted for stricter regulation to mitigate risks associated with market volatility and scams. The Biden administration has initiated the process of developing a federal regulatory framework for the cryptocurrency industry, with the White House publishing a roadmap to address potential risks.
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