New York will take a bold step towards a generalized acceptance of a crypto. The aim of the new legislative proposal is to enable residents to use digital assets such as Bitcoins, Ethereum and Litecoin to pay government services.
Although New York has not yet proposed a bitcoin reserve law as its neighboring states, this proposal could open the path to a wider adoption in a state where crypto has been strictly regulated for years.
New York could soon accept taxes and rent in bitcoins
The proposed legislation, known as the draft of the A7788 Act, was presented by the representative of Clyde Vanel.
The aim of the bill is to change the State Financing Act in New York to allow government agencies to accept cryptocurrencies for different payments. These include taxes, rent, fines, costs and other obligations imposed by the state.
“Every state agency is entitled to conclude agreements with people to permit the adoption of state authorities, cryptocurrencies as a means of paying fines, civil sanctions, rent, prices, taxes, costs, fees, income, financial obligations or other amounts, including sanctions, special assessments and interest,” we can read in the bill.
According to the bill, state agencies are entitled, but are not obliged to conclude agreements to accept crypto payments. This flexibility allows each agency to decide whether to accept digital assets in accordance with its operations.
If accepted, it will also allow government authorities to impose charges for Krypto services. These costs would only cover the actual costs of the state, including the cost of network transactions or other costs incurred during treatment.
The A7788 has now been sent to the Government Operational Committee. If approved, the law will enter into force 90 days after its signature.
Some legislators still want stricter regulations
Although the bill suggests a more favorable position for crypto in New York, not all state leaders support without restrictions.
The General Prosecutor of Letitia James recently urged federal legislators to establish stricter regulatory frameworks for the crypto industry.
She warned that without clear federal supervision, digital assets could disrupt the dominance of the US dollar. She also warned of the fact that they could put the risks of national security and facilitate illegal financial activities.
“The strong dollar is in America’s national interest. This means that there is demand and confidence in the US institution and the US economy. It is expected that America will defend the leading US dollar position for world transactions, a position that Bitcoin, which can immediately convert from value to global,” James said.
James stressed that bad players could use cryptocurrencies to bypass traditional financial systems, fund against diet or support criminal companies.
Although she recognized the innovative potential of blockchain, James revealed key principles of federal crypt regulations.
This includes platforms to comply with the laws against money laundering, the use of registration for issuers and intermediaries and a ban on crypto in pension accounts.
The aim of its recommendations is to protect investors, promote market transparency and protect the economy as a whole.
“While Congress takes the initiative to design legislation regulating the cryptocurrency industry, we hope that it will also take measures to alleviate risks that industry represents national security, financial stability and US citizens,” James concluded.
While the state plans to expand the use of crypt, managers remain divided into the best way to align long -term innovations and safety.
The New York Movement could create a precedent if it copes with protective measures that protect the public and the economy.
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