New York’s Wild Crypto Adventure: Pay Your Taxes with Bitcoin?!

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In a move that can only be described as either brilliant or utterly bonkers, the New York State Assembly has decided to dip its toes into the swirling, chaotic waters of cryptocurrency. Yes, you heard it right! A newly introduced bill, affectionately dubbed Assembly Bill A7788, is strutting its stuff, proposing that state agencies might just start accepting cryptocurrency as a form of payment. Because, why not? 💸

Sponsored by the ever-optimistic Assemblymember Clyde Vanel, this bill suggests that agencies could soon be taking Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and even Bitcoin Cash for all sorts of delightful obligations like fines, taxes, and rent. Imagine paying your parking ticket with a digital coin that fluctuates more than a cat on a hot tin roof! 🐱‍👤

Filed on the 10th of April, 2025—an auspicious date if there ever was one—the bill aims to amend the State Finance Law by adding a shiny new Section 4-b. This section would grant agencies the power to enter into agreements with crypto issuers or payment providers, which sounds suspiciously like a recipe for bureaucratic confusion. 🍽️

These agreements would lay out the rules of engagement for how payments are processed and under what conditions the state might graciously accept or, in a fit of pique, reject cryptocurrency transactions. Because nothing says “trustworthy government” like a bunch of bureaucrats trying to figure out how to deal with digital coins! 🤔

Settled debts

Now, before you get too excited about paying your taxes with a meme coin, the bill makes it abundantly clear that debts are not considered settled until the state has received full payment in good old-fashioned fiat currency from the crypto issuer. This is to ensure that the state avoids the kind of volatility that could make a rollercoaster look like a kiddie ride. 🎢

And just in case you thought this was a brand-new idea, think again! This isn’t the first time New York has flirted with the idea of crypto legislation. Similar proposals have been introduced in previous sessions, including bills A9782 (2017-2018), A1500 (2019-2020), and A2532 (2023-2024). Spoiler alert: none of them made it to law. So, fingers crossed for this one! 🤞

As it stands, the bill is currently lounging around in the Assembly Governmental Operations Committee, waiting for its moment in the spotlight. If it manages to charm its way through, it will take effect a mere 90 days after becoming law. So, keep your wallets ready, folks! The future of tax payments might just be a wild ride! 🚀

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2025-04-11 16:52