New York Vice -legitimate Vice -Clyde Vantel submitted a legislative bill that allows government agencies to accept encrypted currency as a form of payment. This step represents the latest development in the positive approach of the United States to the encryption industry after President Donald Trump in January.
The New York Bill seeks to adopt BTC, ETH, LTC and BCH as legal payment options
According to data from the Senate in New York, the Legislative Law A7788 Vantel legislator aims to amend the state financing law and clarify state agencies to accept payments in the cryptocurrency from all entities, including individuals, partnerships or companies.
Based on the text of the invoice, the cryptocurrencies chosen for these payments include but not limited to Bitcoin (BTC), ETHEREUM (ETH), Litecoin (LTC), and Cash (BCH). If the Senate approved in New York, government agencies can accept these assets to settle fines, civil penalties, rent, prices, taxes, fees, fees and revenues among other financial obligations.
It is worth noting that the draft law also allows New York State agencies to impose fees to cover any additional costs in treating these encrypted currency payments such as gas fees or transactions on the stock exchange. At the time of writing this report, the draft law is now under review by the Assembly Committee in, where it can be discussed, modified, rejected or approved to vote in the Senate Hall.
Interestingly, the draft law represents this second legislation related to the encryption, which was introduced by a member of Parliament Vantel last week. On April 8, the Democrat, which represents the New York Province, has introduced 33 draft A7716 law, which proposes to study and evaluate the use of the potential use of Blockchain technology to protect voter records and election results.
The development of American encryption continues
After changing the regime in January, the United States government increased at all levels of its interest in the cryptocurrency industry. It is worth noting that at least eighteen states decline in the activity of bills that suggest allocating the fund to create a bitcoin reserve after US President Donald Trump signed an executive order in March to create a national bitcoin reserve.
Besides legislative efforts, national agencies including the Securities and Exchange Commission (SEC), and Federal Deposit Insurance Corporation (FDIC) It also adopted a more embracing approach aimed at stimulating the growth of digital asset space while protecting user interests.
In line with this transformation, SEC has dropped several high -level legal cases against the main players in the encryption industry including Ripple, Coinbase and GEINI with the creation of a work team to formulate an organizational framework suitable for digital assets.
At the time of writing this report, the total encryption market is now $ 2.66 trillion after a decrease of 0.49 % over the past 24 hours.
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