New York Enacts Bill Allowing Cryptocurrency Payments for State Transactions

New York’s Assembly has passed a bill (A7788) that allows state agencies to accept Bitcoin and Ethereum payments for certain obligations. The bill outlines a framework for these transactions, requiring crypto issuers to confirm final fiat currency value before debts are considered settled. This ensures compliance with accounting standards. States may also charge service fees on cryptocurrency payments, limited to the actual transaction costs incurred by the government. )