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Important Notice - Fraud awareness
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 54.76% of retail investor accounts lose money when trading CFDs / Spread betting with this provider. You should consider whether you understand how CFDs / Spread betting work and whether you can afford to take the high risk of losing your money.
Important Notice - Fraud awareness
Important Notice - Scam alert
The vast majority of retail investor accounts lose money when trading CFDs / Spread betting with this provider.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs / Spread betting with this provider. You should consider whether you understand how CFDs / Spread betting work and whether you can afford to take the high risk of losing your money.
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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.

Last Updated: 24/03/2022

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.


 

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