Tuesday, November 28, 2023

California introduced legislation that would allow crypto payment for government services.

Sydney Kamlager, Senator from the 30th Assembly Division (California), recently presented legislation that will change the state’s law to enable the receipt of cryptocurrency on specific types of transactions.

She suggested permitting a federal department to take cryptocurrencies as a form of pay for public services in the 1275 Senate Bill, which was submitted to the State Senate on 18th February. The addition of cryptocurrency towards the roster of permitted methods of payment will need a change to the present state statute. It permits the creation of government entities to offer facilities to people that require compensation.

Is California prepared for crypto?

Yes, say politicians. Several of them seeking office throughout California this year appears to also be concerned about the proliferation of blockchain technology and cryptocurrency. The cryptocurrency legislation is another attempt by local legislators to resolve any legislative confusion surrounding crypto assets.

The Governor of Colorado, Jared Polis indicated recently that the government plans to embrace taxes in cryptocurrency by the summer of this year. Furthermore, a legislator from Tennessee submitted a proposal that will permit the government to trade in NFTs and cryptocurrencies.

Earlier, Republican legislators had led a charge for regulatory oversight of cryptocurrency. Kamlager and her colleagues proposed similar laws. This, along with federal attempts, appear to show that perhaps the field is available to every major party. Last month, Patrick McHenry, a North Carolina-based Congressman, urged for a “wide, bipartisan agreement” on concerns that might influence the cryptocurrency business.

This bodes good news for crypto enthusiasts in the USA. Government acceptance of crypto is widespread around the world.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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