The member of NY Assembly, Clyde Vanel proposed a new legislation that will make the residents pay their taxes and fines in crypto. His proposed bill might start working by the end of 2023. This is a move that might make the payment process much easier and effective for the community. However, it might also increase efficiency and reduced cost.
This new bill by the New York Assembly member has been introduced in the assembly on 9th July, 2020. It proposed that the NY taxpayers must be able to use their crypto to pay fees, taxes and even fines to the state. He proposed to start the operations under this new bill from the final quarter of 2020. According to Vanel, this bill should help to create a new environment for the people in the community which allows progress as well as innovations in the state as the evolving nature of the crypto market was evident.
New York Assembly Is Up To Crypto Now:
This bill bythe New York Assembly was also aiming to make the payment process much easier and efficient for the people in the community. This must allow cryptocurrency to be turned into American dollars to make sure that the state is getting paid in the regular currency. Apart from that, it also aimed to help simplifying the payment process for the individuals as the crypto payments wouldn’t have been subjected to the delays as compared to the traditional payment methods.
The bill also proposed that the state should also be prepared to accept such payments in crypto to simplify the process of the payments. This might be a huge step toward the future and can be incredibly beneficial to the corporate and businesses because they won’t have to convert the cryptos into USDs to make their payments.