New York Bill proposes to allow the crypto payment to the state agencies

The newly presented Banknote New York State Assembly aims to enable state agencies to accept cryptocurration as a form of payment.

A7788 Assembly, sponsored by the CLIDE Vanel Assembly, suggests which agencies can start accepting bitcoin (Btc), Etherum (El), Litecoin (LTC) and Bitcoin Cash for fines, taxes, rentes and other payments owe the state.

Submitted on 10. April 2025. years, the Draft Law would amend the State Funding Act by adding Section 4-B, giving agencies of authority to contract with CRIPTO issuers or payment providers.

These agreements would define how payments are paid and the conditions under which the state can accept or reject cryptocurnancy transactions.

If adopted, state agencies could accept crypto for a wide range of obligations – provided that the publisher of cryptocurrency confirms the final and unconditional payment. Agencies can also require services to pay for compensation for transaction costs, including fees paid to cropto publishers, in accordance with the bill.

Settled debts

The bill emphasizes that debts are not considered solved until the state obtains full payment in the Fiat from the CRIPTO issuer. This ensures that the state avoids the risks of volatility and maintains accounting standards.

This is not the first time that such legislation is proposed in New York. Similar versions were introduced in previous sessions, including accounts A9782 (2017-2018), A1500 (2019-2020) and A2532 (2023-2024), although no progress.

The draft law is currently under the Committee for the Government Assembly. If approved, it will take effect 90 days after it becomes law.