In short: New York State lawmakers have proposed an amendment to allow residents to settle bail bonds using stablecoins instead of fiat currency. Assembly Bill 7024 seeks to set up a system for ''the administration of the acceptance, recording, and processing of stablecoins as a means of securing bail". However, officials have not yet revealed which assets will be included. The volatile nature of the market will see the court request additional bail if stablecoin valuations fall by more than 50% from their value at the time of posting.
Our quick analysis:
New York state is making yet another move towards cryptocurrency adoption as they introduce a bill that allows residents to settle bail bonds in stablecoins. This new amendment could make stablecoins an official means of payment six months after receiving the approval of relevant regulators.
The New York Assembly Bill 7024 seeks to create a system for accepting, recording, and processing of stablecoins to secure bail. However, the assets that will be included in this legislation have not been disclosed.
While stablecoins are supposed to have a fixed price, the volatile nature of the cryptocurrency market means that the court may require additional guarantees if the valuation of stablecoins drops over 50% from the value when the bail is posted. Nonetheless, this move shows that New York is continuing to embrace cryptocurrency as a legitimate form of payment.
This is not the first move towards cryptocurrency adoption in the state. Legislators have been pushing for cryptocurrencies to be used in paying civil penalties, taxes, fines, and other fees. The New York Senate recently proposed an amendment that would enable locals to settle various fees in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Arizona is also another state that is friendly towards cryptocurrency adoption. Senator Wendy Rogers introduced a bill that would make Bitcoin legal tender, although the bill did not pass. However, she has now proposed another legislation that would make Bitcoin an official means of payment in the region.
It is exciting to see states like New York and Arizona embracing cryptocurrency so openly. The move towards stablecoins as a means of payment for bail bonds is yet another example of how cryptocurrency is gradually becoming part of our daily lives. With more states joining this move, we can only hope for a future where cryptocurrency becomes as regular as fiat currency.
Source: CryptoPotato.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
New York state is making yet another move towards cryptocurrency adoption as they introduce a bill that allows residents to settle bail bonds in stablecoins. This new amendment could make stablecoins an official means of payment six months after receiving the approval of relevant regulators.
The New York Assembly Bill 7024 seeks to create a system for accepting, recording, and processing of stablecoins to secure bail. However, the assets that will be included in this legislation have not been disclosed.
While stablecoins are supposed to have a fixed price, the volatile nature of the cryptocurrency market means that the court may require additional guarantees if the valuation of stablecoins drops over 50% from the value when the bail is posted. Nonetheless, this move shows that New York is continuing to embrace cryptocurrency as a legitimate form of payment.
This is not the first move towards cryptocurrency adoption in the state. Legislators have been pushing for cryptocurrencies to be used in paying civil penalties, taxes, fines, and other fees. The New York Senate recently proposed an amendment that would enable locals to settle various fees in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Arizona is also another state that is friendly towards cryptocurrency adoption. Senator Wendy Rogers introduced a bill that would make Bitcoin legal tender, although the bill did not pass. However, she has now proposed another legislation that would make Bitcoin an official means of payment in the region.
It is exciting to see states like New York and Arizona embracing cryptocurrency so openly. The move towards stablecoins as a means of payment for bail bonds is yet another example of how cryptocurrency is gradually becoming part of our daily lives. With more states joining this move, we can only hope for a future where cryptocurrency becomes as regular as fiat currency.
Source: CryptoPotato.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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