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Thursday, March 23, 2023

New York Assembly Introduces Crypto Payment Bill For Fines And Taxes

A bill introduced in the New York Assembly on January 26 would allow state agencies to accept cryptocurrencies as payment for fines, civil penalties, taxes, fees and other payments collected by the state.

New York State Assembly Bill A523 was introduced by Democratic Assemblyman Clyde Vennell, who is often seen as a pro-crypto politician. It allows state agencies to enter into “agreements with individuals to provide for the acceptance by state offices of cryptocurrency as a means of payment for various types of fees, including fines, civil penalties, rents, fees, taxes, charges, fees.” allows for. , revenue, financial obligations, or other amounts, including penalties, special assessments, and interest, owed to state agencies.”

The bill does not require state agencies to accept cryptocurrencies as payment, but clarifies that state agencies can legally agree to accept such payments and that these agreements are enforceable by courts. needed.

The bill defines “cryptocurrency” as “any form of digital currency in which encryption techniques are used to regulate the generation of monetary units. […] This includes, but is not limited to, bitcoin, ethereum, litecoin, and bitcoin cash.”

Depending on how this definition is interpreted, this may or may not include stable coins. usd coin (usdc) why Tether (USDT). For one, the supply of stablecoins is often controlled by the issuer rather than crypto. On the other hand, the bill recognizes that some cryptocurrencies have an “issuer”, and establishes that agencies may charge an additional fee to the payer if the said fee is collected by the issuer of the cryptocurrency.

To become law, the bill must be approved by the New York Assembly and Senate, as well as signed by the state’s governor, Cathy Hochul.

The New York government is often seen as hostile to cryptocurrencies. In November 2022, New York became the first state to pass a bill banning almost all cryptocurrency mining. It has also been criticized for the restrictive “BitLicense” that it requires of all cryptocurrency exchanges. In April 2022, the mayor of New York argued that the BitLicense should be repealed.

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

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World Nation News Desk
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