Wednesday, October 5, 2022

Florida Governor and State Agencies Collaborate to Endorse Tax Payments With BTC

Ron DeSantis, the current governor of Florida State has declared that businesses can now pay for tax using crypto, although it is limited to the use of Bitcoin (BTC). During a financial literacy conference in Wesley Chapel, the governor mentioned that state agencies have been given clear instructions to come up with strategies that allow businesses to pay their tax in BTC if they want to.

The governor has always been a crypto advocate and an ardent supporter of crypto innovations. He had once made a $99.7 billion proposal which included about $700,000 to promote crypto in Florida, especially in government departments. 

The present call to accept bitcoin as a tax payment does not come as a surprise as he had been prompting the state government to support crypto transactions.

While endorsing BTC for tax payment, DeSantis expressed his concerns about President Joe Biden’s executive order which attempts to control the use of cryptocurrency in the nation. He thinks that the use of Central Bank Digital Currency (CBDC) will give one ‘person’ universal control over cryptocurrency which will not be healthy but rather hazardous.

Biden’s objective for the executive order is to manage the consequences, dangers, and risks associated with investing in digital assets. Policies, coordination, structures, and action lines that control the digital dollar were the subjects covered.

Standard measures to guard customers, investors, and businesses, provision of financial stability, strict actions against illegal trading and illicit finance were also discussed extensively in the executive order.

Reinforcement for Crypto Use in Florida 

In DeSantis’ opinion, decentralized cryptocurrency is a better option than a centrally controlled currency. Giving single authorization as suggested by President Biden will provide an opportunity for access to be restricted or cut off when the sole authority deems fit and would mean moving in ‘uncharted territory.”

The Florida governor is not alone in canvassing for crypto acceptance, some other high-ranking political players are equally propelling proposals for digital assets adoption. Mayor of Miami, Francis Suarez has been clamoring for payment of Miami’s citizens’ salary in Bitcoin for some time now.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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