The New York Congress has introduced a bill permitting crypto payments for fines and taxes
A bill filed in the New York State Assembly would allow state agencies to accept bitcoin as payment for fines, civil penalties, taxes, fees, and other state-imposed payments.
The bill does not compel state institutions to accept cryptocurrency as payment, but it clarifies that state agencies can legally agree to accept such payments and that such agreements should be enforced by the courts. “Cryptocurrency” is defined in the law as “any kind of digital currency in which encryption techniques are employed to manage the formation of units of money […] including but not limited to bitcoin, ethereum, litecoin, and bitcoin cash.”
They want to accept cryptocurrencies as payment for a variety of expenses, including “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, payable to state authorities.”
Depending on how this concept is understood, stablecoins such as USD Coin and Tether may or may not be included. On the one hand, stablecoin supply is typically controlled by the issuer rather than via encryption. However, the bill does acknowledge that some cryptocurrencies have a “issuer,” and it stipulates that agencies may impose an additional fee on the payor if the cryptocurrency’s issuer does so.
The bill must be approved by both the Assembly and Senate of New York before being signed into law by Governor Kathy Hochul.
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