NYC May Accept Bitcoin Payments In the Future

February 16th, 2015 | by

New York City councilman Mark Levin has introduced a bill into the city’s government that could pave the way for the city to accept Bitcoin payments for fees, fines and other charges that people owe to the city government. The bill could be enforced in the summer if it is approved.

The Bitcoin, a popular payment method that entails a cryptocurrency that is posted at a set rate and can be spent anywhere, would save the city money as it would not entail the use of credit card transaction fees. It may also encourage the use of the Bitcoin in more places around the city, thus potentially influencing other markets to become more accepting of it.

The city is already home to a physical Bitcoin center that lets people exchange money for the currency.