New York State Senators have introduced legislation that allows state agencies to accept cryptocurrency payments, demonstrating the growing political momentum of digital asset integration in public services.
Introduced by Congressman Clyde Vannell, Congressional Bill A7788 seeks to amend the state’s financial laws to allow New York state agencies to accept cryptocurrency as a form of payment.
According to the bill text, state agencies can accept Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) payments.
Source: Nysenate.gov
According to the bill, state offices can allow “finals, civil penalties, rent, taxes, taxes, fees, claims, income, financial obligations or other amounts,” as well as penalties, special valuations, and interest encryption.
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Cryptocurrency laws are becoming a focus of New York, with Bill A7788 marking the state’s second crypto-centric law for just over a month.
In March, New York aims to introduce Bill A06515 to establish criminal penalties to prevent cryptocurrency fraud and protect investors from ragpur.
Since President Donald Trump took office on January 20, the crypto-focused laws gained momentum during his campaign, signaling that his administration intended to make crypto policy a national priority and that it would make the US a global hub for blockchain innovation.
Related: Illinois Senate Passes Crypto Bill to Fight Fraud and Rug Pull
New York can require a state “service fee” for crypto payments
If passed, the bill would mark a major change in how New York handles digital assets. State entities can integrate cryptocurrencies into payment infrastructure that uses them to collect public funds.
The proposal also includes a clause that allows the state to charge a service fee on those who choose to pay with crypto. According to the text, states may require “service fees not exceeding the costs incurred by the state in connection with cryptocurrency payment transactions.” This includes transaction costs or fees due to be paid to the Crypto issuer.
Congressional Bill A7788 has been introduced to Congressional Committees for review and could potentially advance to the state Senate as the next step.
New York law came shortly after Illinois passed a crypto bill for fraud and rug pull after a recent wave of insider schemes related to Memocoin, Cointelegraph reported on April 11.
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