Crypto adoptions continue to rise around the world. New York is discussing the use of Bitcoin as a means of payment in government institutions.
In New York, a bill that will allow the use of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) as payment methods in government institutions has been presented to the New York Senate. The proposed bill reveals revisions to the state’s fiscal law to expand the uses of cryptocurrencies. Clyde Vanel, a Democratic representative in the New York State Assembly, is considered a crypto-friendly legislator and has submitted bill A523 to the New York Senate, which includes the new crypto payments law on behalf of the community.
The law defines cryptocurrencies as any type of digital currency in which cryptographic methods are used to manage a formation of currencies. According to this definition, the leading cryptocurrency includes Bitcoin, as well as cryptocurrencies such as Ethereum, Litecoin and Dogecoin. The bill does not require government agencies to accept cryptocurrencies as a form of payment, yet reveals that government agencies can legally accept such payments and that these agreements must be enforced by the judicial system.