State of Florida plans to accept crypto as tax payment

Governor Ron DeSantis of Florida says his state is drafting legislation that will allow businesses to pay their taxes with crypto assets.

State of Florida plans to accept crypto as tax payment

Governor Ron DeSantis of Florida says his state is drafting legislation that will allow businesses to pay their taxes with crypto assets.

Bloomberg reports that DeSantis has said the state is willing to accept digital assets as payment for taxes.

"I've instructed the state agencies to figure out ways to make it possible for businesses to pay Florida taxes in cryptocurrency. The process is underway," DeSantis said.

DeSantis frets over Joe Biden's executive order, according to Bloomberg, which called for research into the potential implications of the government issuing a central bank digital currency (CBDC).

As a result of CBDC's centralized nature, the governor views them as threatening economic freedom.

It's very different from what some are proposing at the federal level about converting U.S. dollars into a digital currency, such as Bitcoin.

"Whenever that's controlled centrally, I believe it poses a lot of hazards. There is a concern about the amount of power one would be able to have in a central authority where they can basically cut off access to buying certain items. The idea is completely untested."

The Freedom First Budget, which DeSantis proposed in December, included $700,000 for programs aimed at making Florida a "crypto-friendly" state.

Three new programs will be included in Florida's budget; one will encourage the state's financial services department to use crypto assets and two others will evaluate whether blockchain technology can be used for car registration and healthcare.

Also, Miami mayor Francis Suarez is looking into possible applications of cryptocurrency in his city. Toward the end of last year, he showed details on what the city government was doing to work toward using Bitcoin for things like permit fees and property taxes.

Suarez says that we have to "believe that governments can mainstream Bitcoin by not being hostile to it, but rather embrace its benefits."

"It is a process, and we are about to issue what's called a 'request for proposal,' which is how we select vendors, and we will be able to pay our employees in Bitcoin, as well as accept Bitcoin as payment. Additionally, we have a county commissioner who has worked to explore allowing us to pay taxes," the Miami mayor added.