Florida to accept Bitcoin for State Taxes

The news of a wider acceptance of Bitcoin has increased daily among various countries and city-states. The latest adoption and acceptance could be coming from the Florida state soon. Just yesterday, Florida Governor Ron DeSantis revealed that he is taking steps to enable firms to pay taxes using Bitcoin. This means Bitcoin will be made a legal tender within the state.

DeSantis had made this interesting remark yesterday during the signing of a financial literacy curriculum bill. After signing the bill, the governor told reporters that he had directed the state agencies to prepare themselves to accept cryptocurrency taxes in no distant time within the state. In his words: “We are working – and I’ve told state agencies –to figure out ways where if a business wants to pay tax in cryptocurrency to Florida, we should be willing to accept that.”

The governor disclosed that the state would soon commence accepting payments and taxes in cryptocurrency. Hence, he was quick to add: “We will accept bitcoin, and we’re working on doing that for payments in the state of Florida.”

Nonetheless, the governor clarified his position and distinguished his pro-crypto support from the state-controlled digital money proposals floating around congress. Here DeSantis tended to disagree with the position of congress on a state-controlled digital currency and pointed out that there are lots of hazards related to a federally controlled digital dollar, which is why he does not propose a state-controlled digital currency. In his words: “I worry about the amount of power that would give someone in a central authority to shut off access to purchasing certain goods,” if this happens, he said, “We’d be in uncharted territory.”

Above all, DeSantis expressed some strong concerns over the Biden Administration’s executive order signed on cryptocurrency last two weeks, which called for creating a central bank digital currency. Recall that Biden, during his speech on March 9, had charged the financial agencies in the US to develop some policy recommendations on creating a more stable cryptocurrency such as the US dollar.

Since March, the widespread adoption of Bitcoin has significantly contributed to its recent pump that brought Bitcoin prices above the 42k support this week.

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