Bitcoin Tax Payment in Florida
DeSantis made the statement while speaking at a press conference after signing a bill that enables financial literacy in high schools across the state, according to Bloomberg. The Florida governor also said that he was working with state agencies to figure out a model where businesses can pay their taxes in Bitcoin.
Governor DeSantis added:
“We will accept Bitcoin, we’re working on doing that, for payments in the state of Florida.”
Meanwhile, this comment follows an earlier proposal in December 2021 made by the Floridan governor. While presenting the state’s 2022-2023 budget proposal, DeSantis suggested that businesses should pay state fees in cryptocurrency.
The 46th governor of Florida is a potential Republican candidate for the 2024 U.S. Presidential election. DeSantis made comments recently about President Joe Biden’s executive order on crypto, saying,
“There’s a difference between a decentralized digital cryptocurrency like Bitcoin and what some are talking about doing at the federal level to convert U.S. dollars into basically a digital currency. I think there’s a lot of hazards with that, when that’s centrally controlled. I worry about the amount of power 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.”
While the Florida state government is exploring Bitcoin payments, Miami has already forged itself as a cryptocurrency hub. The Mayor of Miami, Francis Suarez, who is a known Bitcoin proponent, is one of the most popular political figures in the crypto community.
In December 2021, Miami officials passed a resolution to allow employees to receive a portion of their salary in BTC. Miami residents will also be able to pay their taxes and fees in Bitcoin, unlike Florida which wants to make such provisions only for businesses. In March 2022, Suarez revealed that he would accept 100% of his paycheck in BTC.
More U.S. States Adopt Bitcoin
Apart from Florida, there have been a growing number of states in the U.S. adopting Bitcoin and cryptocurrency. Colorado became the first state to announce its openness to receiving crypto payments for taxes and fees.
According to Colorado governor Jared Polis, the crypto equivalent will first be converted into United States dollars and then deposited into Colorado’s treasury.
In a statement to The Guardian, Conor Cahill, Press Secretary for the office of the Colorado Governor, said:
“Governor Polis is proud to lead efforts to create a strong and dynamic crypto ecosystem that puts Colorado at the forefront of digital innovation.”
Also, the Mayor of New York City, Eric Adams, received and converted his first paycheck as mayor in Bitcoin and Ether, unlike his counterpart Suarez who was dealing solely with BTC. Adams, who is also working towards making NYC a crypto hub, said that he wanted crypto to be taught in schools across the city.