The United States could allow bail payments with stablecoins

The governors of New York introduced a bill on the acceptance of stablecoins as a means of payment for bail for criminals

The Governors of New York introduced Assembly Bill 7024, to implement stablecoin bail payments.

Taking into account that stablecoins have the support of a fiat currency, one can think of greater security and easy integration into the financial system.

According to lawmakers, if the bill is approved, it would “modify the current criminal procedure law to include stable digital assets as a payment method.”

In this sense, it is important to highlight that currently, criminals or those accused of crimes are only allowed to pay bail by using cash, “credit cards and various bonds acceptable to the state.”

Officials have emphasized that their intent is not to authorize fiat-collateralized stablecoins as a form of collateral. However, upon passage of the bill, it would be possible “for stablecoins, with fiat collateral, to be accepted as payment in amended criminal proceedings.”



(Reference image source: Sasun Bughdaryan, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

Comments are closed.