Florida Mulls Allowing Business To Pay State Taxes In Crypto
Source: Pixabay

Ron DeSantis, the Governor of Florida, is mulling allowing businesses in the state to pay state taxes in crypto. Details of the plan were revealed in the governor’s 2022-2023 budget proposal that was released on December 9, 2021.

Details Of The Proposed Plan

In the budget dubbed the “Freedom First Budget”, the governor proposes allocating $200,000 to the financial services department to make a system for accepting taxes in crypto operational. It also proposes the allocation of $500,000 to explore the use of blockchain technology for vehicle registration and Medicaid payments.

The goal is to identify potential fraud in the system. Doing so could help to make the state government crypto-friendly. In the proposal, the governor wrote that Florida encourages the use of crypto as a means of commerce in the state. Doing so will help to further its attractiveness to businesses and promote economic growth.

The governor is harnessing the growing reputation of the state as a friendly destination for crypto investments. In recent years, crypto enthusiasts have flocked to the south of the state where officials and investors have embraced it. For instance, the Miami Heat basketball stadium was rebranded as the FTX Arena.

Florida Is Emerging As A Leading Crypto Hub

In recent months, Florida has emerged as the leading hub of innovation in the crypto sector. That is largely thanks to the crypto-friendly policies enacted by the state. In June, Blockchain.com, a leading crypto trading platform, announced that it had moved its headquarters to Miami. The announcement noted that it had decided to move to the state due to the welcoming regulatory environment in the city. It noted that Miami’s Mayor Suarez had been a vocal proponent for tech investment in the region.

Earlier this year, Miami, Florida, was the site of a major Bitcoin convention where Mayor Suarez announced that he would accept one of his paychecks in crypto. The move was later replicated by New York’s Mayor Eric Adams, who said he would also accept a paycheck in crypto. While these steps have been largely symbolic, they send a signal to business leaders in the crypto industry looking for a place to call home. Miami has also launched a cryptocurrency called MiamiCoin, which the city hopes will generate enough revenue to replace taxes in the city.

Summary

The recent budget proposal shows that there is growing interest in the crypto sector in the state. If it goes through, it would make Florida the first state in the US to accept taxes in crypto. Doing so could help to boost the state’s standing as a leader in the crypto industry. For companies looking for a place with the right regulatory environment, Florida is emerging as a favorite. However, there is still no federal law that governs the crypto industry, which has kept some investors away from the sector.

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.

This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal, and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article. Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

This Crypto Exchange Banned Bank of Venezuela Customers From The Platform Due To US Sanctions

Paxful, the P2P Bitcoin exchange recently informed its customers that it would…

Brock Pierce For President Hires Brittany Kaiser, The Data Rights Activist, As Campaign Manager

ON July 17, the Brock Pierce for President announced that Brittany Kaiser, the whistleblower,…

Someone Donated $1000 Worth of Crypto To Billionaire Bill Pulte

Billionaire Bill Pulte is not short of cash. However, that did not…

Facebook CEO to Testify Libra before Congress on October 23

Finally, Facebook’s boss will testify Libra, the controversial cryptocurrency that attracted ire…

Mt. Gox Creditors To Get $900 Per BTC Instead of $451 From Fortress Investment Group

According to a recent report, Fortress Investment Group is buying bitcoin (BTC)…

Blockchain Powered Booking Platform Travala.com Now Supports STPT Token Payments

Travala.com is an online travel bookings platform that is powered by the…

Reports Show President Trump Targeting Bitcoin Earlier Than We Thought

In recent developments, evidence points to President Trump targeting Bitcoin since 2018,…

Canada’ Central Bank Laying the Groundwork for a Central Bank Digital Currency

Recently, the Bank of Canada said that it had no plans to issue…

More On Facebooks Move to Launch Its Globalcoin

If there is one emerging technology that is permeating different sectors, then…

Russia Taxation Code Reveals How it wants to Treat Bitcoin

The local Russian media report reveals that the Association of Banks of Russia (ABR)…