The New York State Assembly has proposed a bill that would allow state agencies to accept Litecoin and other cryptocurrencies as a form of payment.
The bill, introduced by Clyde Vanel, would amend the state finance law by adding a new section 4-b, which would define the terms used in the bill and authorize state agencies to enter into agreements with individuals or entities to accept litecoin and other cryptocurrencies as a means of payment for fines, penalties, rent, taxes, fees, and other financial obligations owed to the state.
The bill defines "cryptocurrency" as any form of digital currency that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. This includes but is not limited to popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The bill also defines a "cryptocurrency issuer" as an issuer of any form of cryptocurrency, and "person" as an individual, partnership, corporation, or any other legal or commercial entity.
This proposed bill represents a significant step forward in accepting and integrating Litecoin into mainstream financial systems. It demonstrates the willingness of government agencies to adapt to new technologies and evolve with the changing financial landscape.
The bill's passage would signal that Litecoin is digital money and would serve as a model for other states to follow.
Update: Earlier the title of the article said Senate Bill by mistake. It is an assembly bill.
An assembly bill is a proposed legislation that is introduced in the lower chamber of a state legislature, such as the assembly or the house of representatives. Assembly bills are drafted by assembly members and, if passed by a majority vote, are sent to the upper chamber, such as the NY Senate, for consideration. If the bill is passed by both chambers, it is sent to the governor for signature or veto. If it is signed into law, it becomes a state statute.