Bill > A07788

This bill establishes a framework for New York state agencies to accept cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as payment for various financial obligations. The bill defines cryptocurrency as a digital currency using encryption techniques that operate independently of central banks, and it allows state agencies to enter into agreements with cryptocurrency issuers and other entities to accept these digital currencies for payments such as fines, taxes, fees, and other financial obligations. The legislation provides that agencies can negotiate the specific terms of cryptocurrency acceptance, including potential service fees to cover transaction costs, and specifies that payment is not considered final until the state receives full, unconditional payment from the cryptocurrency issuer. Importantly, the bill emphasizes that the underlying debt or obligation remains valid until complete payment is confirmed, providing a safeguard for the state's financial interests. The act will take effect 90 days after becoming law, giving state agencies time to develop implementation procedures for cryptocurrency payments.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A7788