The Governor of Florida highlighted that its administration is working hard to allow businesses to pay taxes with digital assets.
Florida Governor Ron DeSantis revealed in December 2021 that he wished to permit the payment of state taxes with digital assets. But it was beyond simple intentions; according to a Bloomberg report, there is a lot of progress made to achieve this goal.
DeSantis highlighted that the state is working on its strategies for businesses to pay taxes on cryptocurrencies. He told state agencies to find easier ways for entities to pay taxes in cryptocurrency in Florida.
DeSantis has embraced the state’s reputation as an emerging hub for crypto investment, with entities like Blockchain.com opening offices in Miami.
In Florida, it is worth noting that DeSantis is not the first leader to show sympathy for Crypto. Miami Mayor Francis Suarez became the pioneer last year, with revelations and procedures concerning crypto adoption in that area.
Suárez was the major player throughout 2021 of an energetic campaign supporting Bitcoin and had been working hard to encourage crypto-friendly rules for the industry in that jurisdiction, including taxation. He also recently became the first politician in the nation to obtain his salary in cryptocurrencies, a decision that got emulated by others.
In addition, the city became the first area in the United States of America last year to have its digital asset, named MiamiCoin, a project that the mayor backed up in its entirety.
But also, Florida is not the only state in the country promoting measures to promote the local cryptocurrency industry. Lawmakers and politicians in other US jurisdictions such as Wyoming, Texas, and New York are also working for regulations.
Concerns about Biden’s Move
DeSantis, who might become a potential 2024 Republican presidential candidate, expressed his dismay about the executive order commanded by President Joe Biden on March 9 that called for federal entities to investigate many issues, including the pros and cons of a government release of a US digital currency.
DeSantis said there is a difference between a decentralized digital asset like Bitcoin and turning US dollars into a digital currency; he also added that there are a lot of dangers with that issue once it gets centrally controlled.
DeSantis is primarily concerned about the amount of power that this issue would give to someone in a central authority because this person would be able to close access to the purchase of certain goods. The representative said this is uncharted and unexplored territory.
By: Jenson Nuñez
