NY A07788

Authorizes New York state agencies to enter into agreements allowing acceptance of cryptocurrency (including bitcoin, ethereum, litecoin, and bitcoin cash) as payment for fines, civil penalties, taxes, fees, rent, and other amounts owed to the state

Defines cryptocurrency as digital currency using encryption techniques that operates independently of a central bank

Permits state agencies to pay fees to cryptocurrency issuers for processing services and allows the state to charge payers a service fee to cover transaction costs

Specifies that debts paid via cryptocurrency are not considered satisfied until the state receives final, unconditional payment from the cryptocurrency issuer

Takes effect 90 days after becoming law, with immediate authorization for agencies to develop necessary rules and regulations