ALBANY, N.Y.—New York is considering a bill that would let consumers pay state agencies with cryptocurrency.
The legislation is now in committee before the state Assembly and proposes that crypto be used as “a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges” owed to state agencies, according to the bill introduced by Assemblyman Clyde Vanel, Pymnts.com reported.
Vanel, a Democrat whose 33rd District includes several Queens neighborhoods, created what he called the country’s first crypto task force in 2019.
“The legislation is happening as payment industry leaders polled by Pymnts.com say they see the crypto industry having a much more promising 2023 compared to 2022, at least when it comes to their field,” Pymnts.com said.
‘Seamless Integration’
Dr. Yan Zhang, CEO of Airswift, told Pymnts.com that the success of the crypto industry will come from the “seamless” integration of regulated fintech architecture with decentralized systems.
“It is critical to develop a decentralized payment protocol and integrate it with regulated payment service providers and money service operators,” Zhang said, adding that, in the end, companies need to offer a crypto service consumers can easily use, according to the report.
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