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- Gov. DeSantis said he has instructed state agencies to figure out how to allow businesses to make tax payments in cryptocurrencies.
- While the Miami government has been recruiting crypto firms, the state government has been less proactive.
- Colorado will begin allowing crypto tax payments by individuals this year.
Florida Governor Ron DeSantis, who is seen as an early favorite for the Republican 2024 presidential nomination (should Donald Trump not run again), is doing some early work to reach the bitcoin demographic.
At a signing ceremony Tuesday for a bill to mandate high school financial literacy classes, DeSantis said: “I’ve asked state agencies to find out if a business wants Florida to pay tax in cryptocurrency.” If so, we should be ready to accept that.”
He added: “We will accept bitcoin, we are working on doing that for payments in the state of Florida.”
Florida’s largest city, Miami, has been active on the cryptocurrency front. Under the leadership of Mayor Francis Suarez, Miami has actively attracted cryptocurrency firms to South Florida, most notably Blockchain.com. Crypto exchange FTX has also raised a flag for acquiring the naming rights to Miami Heat Arena last year. Suarez is also taking some of his salary in bitcoin, and the city is studying the possibility of paying state employees in BTC as well.
Previously, the Seminole County Tax Office covering the Orlando area began accepting cryptocurrency payments through BitPay in 2018. The deal went somewhat sour after the county tax collector, who was later caught in a Justice Department investigation into sex trafficking involving Florida Representative Matt Getz, pleaded guilty to using county funds to start his own blockchain company. ordained.
But the state government has mostly been along for the ride, citing potential territory to states like Wyoming and Colorado, which claim an active legislature and pro-crypto governorship, respectively. Wyoming passed several blockchain-friendly laws in 2019, which are beginning to bear fruit. Several crypto custodial firms have obtained state banking charters there – the first in the US
Colorado Governor Jared Polis, not wanting to lose sight of the rivalry with his state’s neighbor to the north, helped pass a provision allowing Coloradans to pay taxes in crypto by the end of the year. He added that the plan is to extend this to other state fees and licenses—though there will be no crypto assets to be received, but instead they will be converted into dollars.
With so many new crypto firms coming to the state thanks to Suarez’s efforts, it makes sense for Florida to do the same.
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