The New York State authorities have announced that under the new policy alterations regarding crypto payments, institutes can transfer funds in cryptocurrencies. Clyde Vanel, a member of the Democratic Assembly, introduced The New York State Assembly Bill A523 on January 26th. Based on the new bill, State institutions and offices can accept crypto payments for civil fees such as rent, taxes, fines, etc. According to the bill, ‘cryptocurrency’ refers to any form of encrypted digital asset that does not operate on a centralized medium. It pointed to Bitcoin, Ethereum, and Bitcoin Cash as leading crypto assets that agencies can accept as payment methods if the bill enacts. The introduction of A523 shows a moderation in regards to NY governors regarding crypt assets since they had previously banned almost all crypto mining in the State.
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