Cryptocurrency coming soon to New York’s state agencies

The New York Senate has introduced a bill allowing crypto as a payment method within state agencies. The crypto currencies affected include Bitcoin, Ethereum, Litecoin and Bitcoin Cash. This comes just one week after an Arizona state senator introduced a proposal to legalize Bitcoin.

Legislation to allow state payments in crypto

Paying fines, rent, taxes, fees, levies or any other utility in crypto could soon be possible in New York State. At least, that’s what the bill introduced by the New York State Senate this January 26, 2023, suggests.

Indeed, as part of the amendment of the finance law, the Senate has proposed to introduce crypto as a payment method to state agencies. For now, only four cryptocurrencies could be accepted as payment options. These are Bitcoin, Ethereum, Litecoin and Bitcoin Cash. To ensure a better experience in state payment in crypto, the Senate bill allows each state agency to collaborate with crypto actors.

For crypto payment to be possible as stipulated by this law, it must first pass the Senate and be signed by the governor of New York State…

Several US states want to open up to crypto

The introduction of the law allowing state payment in crypto reveals the growing interest in digital currencies in the US. New York is actually not the only state in the US that is opening up to cryptocurrency.

In the state of Arizona, Senator Wendy Rogers recently introduced two bills related to crypto. The first bill focuses on legalizing Bitcoin as a currency. The second is aimed at making crypto a legal tender in the state, among other things.

In the state of Colorado, crypto is already a way to pay taxes. Indeed, since September last year, citizens who wish to do so can pay their tax obligations in cryptocurrency. All they have to do is use PayPal Cryptocurrency Hub.

If passed, the bill allowing state payment in crypto in New York will be a major step in the adoption of cryptocurrency. If it doesn’t pass this year, this bill will certainly come back a few years later, as interest in crypto continues unabated in the United States.