New York initiative: cryptocurrency for payment of state fees

A legislative initiative put forward by New York State Assemblymember Clyde Vanel could significantly expand the use of digital assets in financial relationships between citizens and the state. The proposed bill supplements the current Public Finance Law with provisions authorizing the use of cryptocurrencies for settlements with government agencies.
According to the document, New Yorkers will be able to use the leading cryptocurrencies - Bitcoin, Ethereum, Litecoin and Bitcoin Cash - to pay various obligations to government agencies. The list of possible payments includes tax deductions, penalties, rent payments and other financial obligations of citizens.
The implementation mechanism involves the conclusion of agreements between government agencies and cryptocurrency issuers or specialized payment providers. An important feature of the bill is the granting of the right to government agencies to establish a service fee to compensate for the costs of processing cryptocurrency transactions, including commission payments to payment service providers.
If the initiative is approved, the provisions of the law will come into effect 90 days after the official signing. This transitional period is provided for the development of the necessary regulatory framework and the creation of technical infrastructure to ensure the correct functioning of the new payment system.
The proposal comes amid an intensified discussion of cryptocurrency regulation in the state. Recently, New York Attorney General Letitia James appealed to the U.S. Congress to accelerate the development of federal legislation in the field of regulation of digital assets.