New York State is the home of the BitLicense. In other words, New York is hoping for regulation amongst bitcoin businesses and entrepreneurs. The latest edition has recently made the news, and the final 30-day commentary period is now underway, giving the public a chance to read the document and voice their opinions one last time prior to its solidification.
But now New York is suggesting something interesting… Rather, a New York City Councilman is really thinking out of the box, and to a degree, it just might work.
Mark Levine, a councilman for the Big Apple, is suggesting bitcoin for the usage in payments of fees and fines. Basically, bitcoin would make good “penalty money.” Levine has written everything out in a bill that is set to be introduced tomorrow. If adopted, bitcoin could suddenly find itself being used to pay off court fees, parking tickets and other similar items in the city that doesn’t sleep.
Levine is particularly passionate and excited about the bill, as he feels that bitcoin is primarily popular amongst the younger crowds, and bitcoin usage would place New York at the center of a more modern world:
“Today you can buy almost anything with Bitcoin… For young, internet-savvy people, it’s become the currency of choice… This would convey to the world that New York is on the cutting edge.”
Other advantages suggested by Levine would be that the bill would literally create several additional tech jobs and companies, and that it would save the Department of Finance millions in processing fees, as right now they are particularly high for credit cards.
The Department of Finance, which collects over $600 million dollars in penalty fees each year, has suggested that it is open to the idea.