Florida ‘Should Be Willing’ To Accept Crypto Taxes, DeSantis Says

DeSantis said that he is collaborating with state agencies to determine the mechanics of companies paying taxes in cryptocurrency, implying that Florida may embrace the new tax technique.

Florida’s 46th governor, Ron DeSantis, said Tuesday that his administration is preparing to enable companies to pay taxes using bitcoin.

DeSantis, who has served as governor since 2019, said he is working with state agencies to determine the practicalities of companies paying taxes in cryptocurrency, implying that Florida might embrace the tax method.

The governor replied to media inquiries after his signing of a measure requiring high school students to take financial literacy seminars.

“Clearly, something like bitcoin and other cryptocurrencies – that’s something we should embrace in terms of tax payments,” he added.

This is not the first time DeSantis has proposed enabling Floridians to use cryptocurrency as a method of governmental payment. DeSantis suggested proposals in the 2022-23 budget that would allow companies to pay state fees in cryptocurrency last year.

He also recommended using blockchain technology in pilot projects to manage some backend activities inside the Florida Department of Highway Safety and Motor Vehicles, as well as Medicaid payments.

“I actually had some funding in the budget that the legislature did not appropriate to do some experiments with blockchain technology on various governmental activities,” DeSantis stated Tuesday. The proposed amendments were not enacted into law during the 2022 session of the Florida Legislature, which concluded on March 14 with bipartisan adoption of a $112 billion budget.

Florida is home to a number of prominent politicians that support local crypto and blockchain legislation, including Miami Mayor Francis Suarez, who has campaigned for city citizens to get wages and pay property taxes in bitcoin.

Crypto advocates regard both the city and the state as progressive for a sector that is sometimes accused by other politicians for supporting money laundering.

The governor, who has been promoting bitcoin adoption with Suarez for some time, also underlined the distinction between decentralised cryptos and a centrally issued digital dollar, which he claimed poses “a lot of risks” when it is “centrally managed.”

“I am concerned about the degree of power that would allow someone — a critical authority — the ability to effectively prohibit the purchase of particular things,” DeSantis said. “We’d be venturing into new territory.”

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