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Bitcoin Will Be Accepted for Florida State Taxes According to DeSantis

This measure would specifically be applicable to businesses, not individuals.

Florida Governor DeSantis

Ron DeSantis, the Governor of Florida, who was viewed as an early favorite for the Republican 2024 presidential nomination in the event that Donald Trump would not run this time around, has been hard at work in an attempt to reach the Bitcoin demographic.

DeSantis, who was at a signing ceremony on Tuesday for a bill that would mandate high school financial literacy classes, stated, “I’ve told the state agencies to figure out ways where if a business wants to pay tax in cryptocurrency to Florida, we should be willing to accept that.”

Adding to that, he said, “We will accept Bitcoin, we’re working on doing that, for payments in the state of Florida.”

Miami, which is the biggest city in Florida, has most definitely been active on the cryptocurrency side of things. Miami has, under the leadership of Mayor Francis Suarez, actively been able to court crypto firms to South Florida, the most notable of them being Blockchain.com. FTX, the insanely popular crypto exchange has also managed to stake a claim there, securing its naming rights to the Miami Heat Arena last year. Suarez has even taken initiative to have some of his payment in the form of Bitcoin, as the city studies the possibility of paying state workers in Bitcoin, too.

Before all of this, though, the Seminole County Tax Office had been accepting payments in cryptocurrency till as far back as 2018 via BitPay. The deal, of course, ended up turning sour just after county tax collector, who was subsequently caught up in a Justice Department probe into sex trafficking involving Florida Rep. Matt Gaetz, ended up pleading guilty to using county funds which aided him in starting his own blockchain company.

The state government has been a good sport about it, tagging along for the ride by ceding potential territory to states like Colorado and Wyoming, since they boast a proactive legislature as and a pro-governor, to boot. Wyoming was able to pass a plethora of blockchain-friendly laws in 2019, the effort of which is paying off big time, now. Many crypto custodial firms have got themselves state banking charters there, the first in the U.S.

Jared Polis, the Governor of Colorado, helped in the passing of a provision that would allow people in Colorado to use crypto to pay taxes by the end of this year. He did this so as to not lose the rivalry with his state’s neighbor of the north.

According to him, the goal here is to expand that to other state fees and licenses, too. It would not however hold any crypto assets it receives, as it would end up converting them to dollars instead.

With a myriad of different new crypto firms coming to the state all thanks to Suarez’s efforts, Florida doing the same makes a lot of sense.

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