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Florida Governor Plans To Accept Crypto For Tax Payments

Created by TradeOr

Cryptocurrency 23 Mar 2022
More and more politicians in the U.S. are embracing the crypto industry, eager to allow crypto as a payment method. Florida Governor, Ron DeSantis announced that he’s working on a plan that would allow businesses to pay taxes using cryptocurrency.

At a conference on March 22, the potential Republican presidential candidate stated: “I’ve told the 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.”

According to Bloomberg, DeSantis proposed an initiative in December to allow businesses to pay state fees in crypto.

Digital Currency Concerns

The governor of Florida is backing the state’s reputation as an emerging crypto investment and blockchain hub.

Miami Mayor Francis Suarez, who is also a Bitcoin advocate, stated previously that he would take his salary in BTC. The Florida gubernatorial candidate Nikki Fried has also adopted digital assets by accepting crypto contributions for her campaign.

DeSantis has voiced concern over President Biden’s executive order on crypto and central bank digital currency signed earlier this month. He noted the difference between the decentralized nature of Bitcoin and what would be a government-controlled digital currency. He said: “I think there are a lot of hazards with that, when that’s centrally controlled. I worry about the amount of power that, that would give someone in a central authority to basically be able to shut off access to purchasing certain goods. We’d be in uncharted territory.”

DeSantis is not the only one who expresses these concerns, Minnesota Congressman Tom Emmer has also warned against a CBDC. Emmer stated that it would create a China-like authoritarian control over people’s finances.

Pro-Crypto Politicians On The Rise

Perhaps it has something to do with the younger generation of politicians now entering the profession, but many of them are pro-innovation and digital assets.

Last year, the mayor of New York City, Eric Adams, stated that he would receive his paycheck in crypto. Meanwhile the mayor of Jackson, Tennessee, Scott Conger said employees might be able to add crypto to their retirement plans.

Naturally, there are still critics, such as Senator Elizabeth Warren, who would prefer to see the entire cryptocurrency sector crushed. These technophobes and digital detractors will soon be replaced by a new generation of policymakers such as DeSantis and Suarez seeking to appeal to younger voters.


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