In a decision that would bolster crypto adoption across the world, Florida Governor Ron DeSantis confirmed that the US state of Florida is open to accepting taxes in cryptocurrencies like Bitcoin from businesses operating in the state.
DeSantis is expected to be a strong contender for the Republican presidential nomination in 2024 if former president Donald Trump drops out of the race and this announcement in favor of cryptocurrencies might be a move to pander to the crypto communities.
DeSantis said on Tuesday, “We will accept Bitcoin, we're working on doing that, for payments in the state of Florida.” He also clarified that this would mainly be for businesses operating in the state. "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," he clarified.
Florida has been very supportive of the crypto movement. Francis Suarez, the mayor of Miami, a popular city in Miami, accepts a part of his salary in Bitcoin as a hedge against inflation.
Other US states are also warming up to crypto in order to facilitate its adoption across the country. In 2018, the Seminole County Tax Office in Orlando began accepting cryptocurrency payments via BitPay. The states of Wyoming and Colorado have both passed pro-crypto legislation to promote the states as hubs for crypto innovation.
Apart from some cities in the US, other countries and cities, like Dubai, Singapore, Thailand, South Korea, etc, are warming up to crypto and Web3 with lenient legislation to promote the locations as hubs for Web3 innovation and development.
Also Read: Crypto markets continue upward movement; Bitcoin over $42,000
Also Read: How to buy an NFT and not get duped, experts explain
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today