Cryptocurrency, News, Taxes

Florida Businesses Show Readiness To Pay Taxes in Cryptocurrencies

Florida businesses are ready to pay their taxes in virtual currencies, according to state reports. Florida Governor and crypto enthusiast Ron DeSantis shared his intentions on Tuesday about allowing businesses in the state to pay their taxes in digital currencies.

When asked about his plan to allow tax payments in virtual currencies, DeSantis revealed that several businesses in the state indicated interest to pay their dues in fiat and cryptocurrencies. He said the state would make this provision soon.

DeSantis Receives Support from Fellow Pro-Crypto 

The drive to integrate digital currencies into various sectors was largely influenced by fellow pro-crypto Francis Suarez. The implementation wouldn’t have been practical without the unrelenting support and initiatives of the pro-crypto. 

Suarez, the Mayor of Miami, has implemented some commendable crypto initiatives that have transformed the city. The Mayor launched Miami’s native cryptocurrency, MiamiCoin, last year and shared his intentions to build city projects with it.

The Mayor is a staunch supporter of cryptocurrency, like DeSantis. It’s no surprise that he is backing the Florida Governor on his crypto ideas. Suarez has also revealed he would accept part of his pay in bitcoin.

The Governor, who is considering running for President in 2024 under the umbrella of the Republican Party, has shown that he comprehends crypto, the role it will play, and the difference between a CBDC and unregulated digital currencies. However, he has shared his concerns regarding the executive order on researching the benefits and risks of CBDC.

DeSantis said he is distressed about one central authority controlling an asset used to buy goods and serving as the country’s medium of exchange. Several experts have noted that electronic money is an extension of fiat, adding that it will be overly regulated like the fiat counterparts and limit access to funds and supply.

Crypto Initiatives in Florida and the Other States

Since his election, DeSantis has been working actively to turn the state into a crypto hub. He has stood by his crypto decisions and goal to modernize Florida, following in the footstep of Miami. 

Last December, the Governor proposed an initiative to allow businesses to pay fees charged by the state in virtual assets. However, business owners don’t want crypto payments limited to state fees alone, as they clamor for tax payments in cryptocurrency.

Florida isn’t the only state in the crypto wagon. Earlier this month, Colorado announced plans to allow its residents to pay their taxes in digital assets. Residents will also be able to pay for their driver’s license and other state fees in virtual currencies. 

Wyoming is considering making provisions for tax payments in digital currencies. Arizona is another state on the move to implement crypto tax payments. The state has sent a bill to the House to adjust stats laws to accommodate crypto payments.

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