Florida’s governor, Ron DeSantis, has approved the use of Bitcoin in the state. The governor is also expected to run for President of the United States in the year 2024 on a Republican ticket.
DeSantis stated at a Monday event that the state of Florida is working on accepting Bitcoin as a form of payment. The governor stated that he had given state authorities instructions to “figure out ways where if a business wants to pay tax in cryptocurrency to Florida, we should be willing to accept that.”
In Florida, the regulatory environment for cryptocurrencies is favourable. Miami, the state’s largest city, debuted the MiamiCoin last year. Francis Suarez, the mayor of this city, is also accepting Bitcoin as payment for a portion of his salary. Miami is currently looking into ways to allow city employees to be paid in Bitcoin.
Given the influx of crypto enterprises in Miami, the state should begin receiving crypto taxes.
Following cooperation with BitPay, Orlando’s Seminole County Tax Office began accepting cryptocurrency payments in 2018. This attempt, however, was not a success, and it sparked controversy once it was discovered that county funds were being used to establish a private blockchain company.
The state of Florida has been friendly to crypto investments, but it has yet to make the same significant strides as other jurisdictions. Wyoming and Colorado are now leading the way in creating crypto-friendly policies.
Wyoming passed many blockchain-friendly regulations in 2019, which are now promoting the expansion of cryptocurrency firms in the state. Crypto custodial firms in the United States have also secured state banking charters to conduct business in the state.
The governor of Colorado is pro-crypto. The state’s governor, Jared Polis, stated that people will be able to pay taxes in cryptocurrency before the end of the year. He also mentioned that the state would include crypto payment options in other state fees. The state, on the other hand, would not keep any of the money gathered in cryptocurrency, but would instead convert the assets into USD.