Assets, Bitcoin

Is Bitcoin Legal in New York?

As of 2019, Bitcoin and other digital currencies have not been specifically legalized or regulated in New York. There have been some bills introduced in the New York State Assembly and Senate relating to digital currencies, but none have been passed into law.

However, the state has issued guidance on the treatment of virtual currency for tax purposes. In general, it appears that Bitcoin and other digital currencies would be treated similarly to other property under New York law.

NOTE: Warning: Bitcoin is not considered legal tender in the United States, including New York. It is not regulated by any government or central bank. Transactions using Bitcoin are not monitored or protected by any third party, and there is no guarantee of the security of funds sent using Bitcoin. As such, investing in Bitcoin may be a high-risk endeavor and should be done with caution.

While digital currencies are not currently regulated under New York law, that could change in the future. The state legislature is currently considering a bill that would impose licensing requirements on businesses that deal in virtual currencies.

If this bill is passed into law, it would likely have a significant impact on the use of Bitcoin and other digital currencies in New York.

For now, Bitcoin and other digital currencies remain largely unregulated in New York. However, this could change in the future if the state legislature passes a bill imposing licensing requirements on businesses dealing in virtual currencies.

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