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NY Bill to Allow Crypto Payments to State Agencies

The state of New York is considering a bill allowing citizens to use cryptocurrency to pay for the services of public institutions.

NY Bill to Allow Crypto Payments to State Agencies

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Currently, a legislative act is under consideration in the state Assembly that defines cryptocurrency as an officially recognized means of paying fines, civil penalties, leases, rates, taxes, and fees owed to government agencies.

This draft was introduced last week by Assemblymember Clyde Vanel. In 2019, he created, in his own words, the first cryptography task force in the United States.

With a high degree of probability, Clyde Vanel’s legislative initiative will be approved as official. The reason for this assumption is the fact that the leaders of the payment industry unanimously agreed that 2023 is a time of positive prospects for this area.

Experts say that the payment industry needs regulatory mechanisms as cryptocurrencies become more popular and go beyond the usual scope of application, seeking integration with more traditional financial and institutional players.

Dr. Yan Zhang, CEO of Airswift, believes that the success of the crypto industry can be ensured through the seamless integration of a regulated fintech architecture with decentralized systems. He believes that it is extremely important to develop a decentralized payment protocol and integrate it with regulated payment service providers and money service operators.

Most financial institutions are looking to add cryptocurrency to their retail and institutional client services. Based on this, experts believe that the long-standing intentions of cryptocurrency and blockchain to provide cheaper, faster, and safer domestic and cross-border payment solutions will be realized.

At the federal level, regulation of the cryptocurrency sphere has become a key priority for the new Congress after the FTX bankruptcy.

Patrick McHenry, chairman of the House Financial Services Committee, has created a new subcommittee that focuses on issues related to the functioning of the cryptography industry.

As we have reported earlier, EU Lawmakers Pass More Requirements for Banks Holding Cryptocurrency.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.