Businesses will soon be able to pay their taxes with crypto in Florida

florida tax crypto

Florida Governor Ron DeSantis has… said that he is working on the possibility of companies within the state paying their taxes in crypto.

Florida Embraces Crypto Payments Before Taxes

This disclosure was made at a recent conference where the governor stated that Florida should be willing to accept crypto payments if a company wants to pay its taxes with such a payment method.

In his words,

“I’ve told state agencies to come up with ways that if a company wants to pay cryptocurrency taxes to Florida, we should accept it.”

No further information has been provided about the digital assets the state is willing to support or when the state would officially approve this policy; however, this is a welcome development as it makes Florida one of the few states in the United States to embrace the industry.

Last year, the governor had proposed that the state could use blockchain technology to regulate Florida Highway Safety and Motor Vehicles and Medicaid payments. However, this proposal was later rejected by the country’s legislature.

Digital dollar gives room for concern

With talks escalating around the US and its plans for a digital dollar, Governor DeSantis shared his views on what the CBDC project could mean for the country and what President Bidens could do about it. executive order could be for crypto.

The governor pointed out that a CBDC project like the digital dollar cannot be compared to a decentralized currency like Bitcoin† He went on to say that the CBDC would give the government the ability to control what citizens spend on and how they spend their money.

According to him, the power to centrally control a currency is enormous and unprecedented. So it can mean that someone has the power to prevent people from buying certain goods.

These fears align with the common understanding in the crypto sector about the potential misuse of CBDC by the government.

Recently, Minnesota Congressman Tom Emmer warned that a federally controlled CBDC could allow the US to gain authoritarian control over the people’s finances.

Florida Pro Crypto Officers

There is no denying that Florida is a friendly state for the crypto industry. This is largely due to officials who have attempted to drive technological innovation through regulation.

Through several policies and comments, Miami Mayor Francis Suarez has shown how open he and his city are for Bitcoin and other digital assets. In fact, the city has its own crypto token, MiamiCoin — a city-affiliated digital asset that has been allowed to thrive.

Governor DeSantis is also one of many officials advocating for the national adoption of cryptocurrencies.

Interestingly, a state governor candidate, Nikki Fried, has also been accept crypto donations for her election campaign.

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