New York State Introduces Bill to Allow Virtual Asset Payments… Mentions BTC, ETH, LTC, etc.

Minseung Kang

Summary

The New York State Assembly in the United States has introduced Bill 7788, recognizing virtual assets as a means of payment for public charges.
The bill specifies BTC, ETH, LTC, etc., and states that government agencies can accept fines and taxes in cryptocurrencies.
This bill is attracting attention as it aligns with the trend to increase the use of digital assets in the public sector.

The state of New York in the United States has officially introduced a bill to allow major virtual assets (cryptocurrencies) like Bitcoin (BTC) and Ethereum (ETH) as payment methods.

On the 11th (local time), the New York State Assembly introduced Bill 7788, which recognizes virtual assets as a means of payment for taxes and other public charges. The bill allows government agencies under New York State to accept fines, taxes, various fees, and public service costs in cryptocurrencies.

The bill explains the definition of 'cryptocurrency' and cites Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) as representative examples. However, these are examples for explanation purposes and do not designate any specific asset as a priority.

This legislation is attracting attention as it aligns with the trend in the United States to increase the use of digital assets in the public sector. In particular, New York is considered one of the regions where the most active policy experiments related to digital asset trading and regulation are conducted.