New York State has introduced Assembly Bill number 7024, allowing the use of stablecoins as an acceptable form of payment for bail. The new legislation would expand the current list of accepted bail payment methods, such as cash, credit cards, and bonds, to include the digital asset class.
Specifically, the new legislation notes that “fiat-collateralized stablecoins,” be introduced as acceptable payment under the amended criminal procedures. Subsequently, the acceptance of the bill could open the door to a variety of stablecoin implementations in the state and beyond.
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Policy and Regulation