Bill Text: NY A02532 | 2023-2024 | General Assembly | Introduced

---

Bill Title: Establishes that state agencies are allowed to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to governmental operations [A02532 Detail]

Download: New_York-2023-A02532-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          2532

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 26, 2023
                                       ___________

        Introduced  by M. of A. VANEL -- read once and referred to the Committee
          on Governmental Operations

        AN ACT to amend the state finance law, in relation to allowing New  York
          state agencies to accept cryptocurrencies as a form of payment

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The state finance law is amended by adding  a  new  section
     2  4-b to read as follows:
     3    §  4-b.  Cryptocurrency  as a form of payment. 1. The following terms,
     4  when used or referred to in this section, shall have the following mean-
     5  ings:
     6    a. "Cryptocurrency" means  any  form  of  digital  currency  in  which
     7  encryption  techniques  are  used to regulate the generation of units of
     8  currency and verify the transfer of funds, operating independently of  a
     9  central  bank  including but not limited to, bitcoin, ethereum, litecoin
    10  and bitcoin cash.
    11    b. "Cryptocurrency issuer" means an issuer of any form  of  cryptocur-
    12  rency,  including  but  not  limited to, bitcoin, ethereum, litecoin and
    13  bitcoin cash.
    14    c. "Person" means an individual, partnership, corporation or any other
    15  legal or commercial entity.
    16    2. Each state agency is  authorized  to  enter  into  agreements  with
    17  persons to provide the acceptance, by offices of the state, of crytocur-
    18  rency  as  a  means  of  payment of fines, civil penalties, rent, rates,
    19  taxes, fees, charges, revenue, financial obligations or  other  amounts,
    20  including  penalties,  special  assessments  and interest, owed to state
    21  agencies. Any such agreement shall govern the terms and conditions  upon
    22  which  cryptocurrency  proffered  as a means of payment of a fine, civil
    23  penalties, rent, rate, tax, fee, charge, revenue,  financial  obligation
    24  or  other  amount,  including penalties, special assessment or interest,
    25  shall be accepted or declined and the  manner  in  and  conditions  upon

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06220-01-3
        A. 2532                             2

     1  which such person or cryptocurrency issuer shall pay to such state agen-
     2  cy  such  amount  of  fines,  civil penalties, rent, rates, taxes, fees,
     3  charges, revenue, financial  obligations  or  other  amounts,  including
     4  penalties,  special  assessment or interest, paid by means of cryptocur-
     5  rency pursuant to such agreement.
     6    3. Any state agency which has entered into an agreement with a  person
     7  or  cryptocurrency issuer as authorized by the provisions of subdivision
     8  two of this section may accept cryptocurrency as a means of  payment  of
     9  fines,  civil  penalties,  rent,  rates,  taxes, fees, charges, revenue,
    10  financial obligations or other  amounts,  including  penalties,  special
    11  assessment  or  interest, as provided in such agreement and may pay such
    12  fees as are specified in such agreement to such cryptocurrency issuer in
    13  consideration of the services rendered  by  such  cryptocurrency  issuer
    14  thereunder.  Notwithstanding any other provision of law to the contrary,
    15  it shall be the option of the  state  to  require,  as  a  condition  of
    16  accepting  payment  by cryptocurrency, that such person offering payment
    17  by such means pay a  service  fee  to  the  state  not  exceeding  costs
    18  incurred  by  the  state  in  connection with the cryptocurrency payment
    19  transaction, including any fee owed by the state to  the  cryptocurrency
    20  issuer arising from that transaction.
    21    4.  The  underlying  debt,  lien,  obligation,  bill, account or other
    22  amount owed to the state for which payment by cryptocurrency is accepted
    23  by the state shall not be expunged, cancelled, released,  discharged  or
    24  satisfied,  and any receipt or other evidence of payment shall be deemed
    25  conditional, until  the  state  has  received  final  and  unconditional
    26  payment  of  the full amount due from the cryptocurrency issuer for such
    27  cryptocurrency transaction.
    28    § 2. This act shall take effect ninety days after it shall have become
    29  a law. Effective immediately, the addition, amendment and/or  repeal  of
    30  any  rule  or regulation necessary for the implementation of this act on
    31  its effective date are authorized to be made and completed on or  before
    32  such effective date.