New York Considers Bitcoin Adoption for State-Level Transactions!

Jakarta, Pintu News—The New York government is considering making Bitcoin BTC->Current BTC PriceRp 0Market Cap-Trading Volume-Circulating Supply- legal tender for state transactions such as taxes and rent.

Assembly Bill A7788, proposed by Assemblyman Clyde Vanel, aims to amend the state’s financial laws to allow government agencies to accept cryptocurrencies.

Check out the full information below!

A7788 Bill Introduction

The proposed bill, Assembly Bill A7788, has reached the Government Operations Committee, and if approved, will take effect 90 days after being signed into law. The bill allows, but does not require, state agencies to enter into agreements to accept payments in cryptocurrency.

This flexibility gives each agency the discretion to determine whether the acceptance of digital assets is compatible with their operations. The bill also allows government departments to charge service fees for crypto transactions.

This fee will only cover the country’s actual costs, including network transaction fees or other costs incurred during processing.

Read also: Changpeng Zhao: “Bitcoin (BTC) Predicted to Reach $1,000,000!”

Reactions from Various Parties

Although this bill shows a friendlier attitude towards cryptocurrencies in New York, not all state leaders favour its adoption without restrictions. Attorney General Letitia James recently urged federal lawmakers to implement a stricter regulatory framework for the crypto industry.

James warned that without clear federal oversight, digital assets could erode the dominance of the US Dollar and expose national security risks. James also emphasized that malicious actors could use cryptocurrencies to circumvent the traditional financial system, fund hostile regimes, or support criminal activities.

While recognizing blockchain’s innovative potential, James outlined key principles for federal crypto regulation that aim to protect investors, increase market transparency, and safeguard the broader economy.

Read also: 3 Altcoins to Buy Following the US Senate President’s August Crypto Bill Deadline

Potential Impacts and Benefits

This bill could set an important precedent for other states adopting cryptocurrencies if passed. By allowing state agencies to accept or reject cryptocurrencies, New York could become an example of how the government can safely integrate this new technology into its financial system.

It demonstrates New York’s efforts to stay relevant and competitive in the ever-evolving digital age. Moreover, accepting Bitcoin (BTC) and other digital assets could open the door to more innovation and investment in the state. It could strengthen New York’s position as a financial and technology hub, while providing citizens with a new and possibly more efficient way to fulfill their financial obligations to the state.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• BeInCrypto. New York Bitcoin Payment Bill for Government Services. Accessed on April 14, 2025
• Featured Image: Generatedby Ai