Florida to accept bitcoin for tax payment

Florida, like many other states as well as firms across the world, is considering adopting Bitcoin as a tax payment option.
Florida to accept bitcoin for tax payment
Florida to accept bitcoin for tax payment

Florida Governor Ron DeSantis announced to the public that he is taking efforts to allow businesses to pay taxes in cryptocurrency.

DeSantis made the remarks today as he signed a measure requiring financial literacy education. During the press conference, DeSantis stated that he had asked state agencies to prepare to take cryptocurrency taxes.

“We’re working to find out methods – and I’ve informed state agencies – where if a firm wants to pay tax in cryptocurrency to Florida, we should be prepared to take it,” he added.

Florida is working on allowing bitcoin as a form of tax payment, according to DeSantis.

“We will accept bitcoin, we’re working on doing that, for payments in the state of Florida,” he stated.

He also mentioned a provision in his most recent budget plan that would have provided cash to test the use of blockchain to optimize state services, which he fought for. This, however, was not approved by the legislature.

DeSantis was quick to point out the differences between his pro-crypto attitude and the state-controlled digital money plans circulating in Congress. DeSantis feels there are several “hazards” associated with a nationally managed digital currency.

“I worry about the amount of power that would give someone in a central authority to basically be able to shut off access to purchasing certain goods,” he said. “We’d be in uncharted territory.”

DeSantis stated that the Biden Administration’s executive order on crypto is “very concerned.” In addition to asking financial authorities to provide policy recommendations pertaining to digital assets, the directive encourages the development of a central bank digital currency.