Clyde Vanel, a member of the New York State Assembly, introduced the bill No. A7788. The bill envisages that various institutions of the state can accept the citizens of the citizens through crypto currencies. This regulation was reported to be referred to the Parliament’s Committee of the Government.
Crypto Money Draft
The proposed draft aims to allow state institutions to accept crypto money payments by making an agreement with individuals. Payments are planned to cover the penalty, civilized fine, rent, rate, tax, wage and other financial obligations. Vanel had previously brought similar arrangements to the agenda in 2017, 2019, 2021 and 2023. He also stated that a new bill was presented to examine the Blockchain technology in order to protect the new York Election Board’s vote records and election results.
US states and crypto
In 2022, Colorado signed pioneering practices in this field as the first state to accept tax payments with crypto currencies. Louisiana implemented the regulation that enabled citizens to pay to government services with crypto currencies last September. Similar initiatives were brought to the agenda in states such as California and Florida. This is considered to be an indication that the use of crypto currency is an increasing trend in public services.
In the event that the bill is accepted, the relevant state institutions will be able to process payments made on crypto currencies based on a contract. Thus, it is aimed to strengthen the technological infrastructure in the regulation of payments. It is considered that Vanel’s arrangement is an effort to take an approach to technological innovations in the official transactions of the state.
The draft presented reveals a structure parallel to the arrangements put into practice in other states. With this development, crypto currencies are expected to be involved in official transactions and technological transformation will accelerate.
Within the scope of the other bill, the New York Election Board is expected to evaluate Blockchain technology. Using this technology, the relevant Board may be obliged to prepare a report to protect voting records and election results. Thus, it is aimed to increase the safety of digital infrastructure.
In practice, the integration of payments made with crypto currency into official processes may allow citizens to fulfill their different financial obligations in digital environment. These developments are seen as a harbinger of the steps to be taken to digitalization of state expenditures.
The news reflects that it includes significant developments in terms of integration of digital currencies into public services and the implementation of technological innovations in official transactions. If such regulations are applied, the adaptation of citizens and state institutions to digital infrastructure may accelerate.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
