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Florida says “Yes” to cryptocurrency for tax payment

Florida might be the first state in the United States to accept cryptocurrency for tax payment. On Tuesday, Governor Ron DeSantis stated, “We will take bitcoin, and we’re working on doing that for payment in the state of Florida.”

Florida Governor announce cryptocurrency for tax payment

Gov. DeSantis has ordered state agencies to come up with strategies to make this change possible. He also advocated spending funding to “experiment with blockchain technology,” but the legislation was not enacted.

DeSantis, a prospective Republican presidential contender in 2024, said there is a fundamental distinction between decentralised digital currencies like bitcoin and the digitalization of dollars, or the conversion of the greenback into a virtual currency that is still managed centrally.

Colorado became the first state in the United States to accept cryptocurrency as a form of payment for taxes earlier this month. This change is expected to take effect in June.

The Colorado Governor proposed a plan in which cryptocurrency payments would meet the dollar amount of tax dues, calling it “the next sensible move on the track to digital statehood.”

Francis Suarez, the mayor of Miami, Florida, which is quickly becoming a centre for cryptocurrency enterprises, is a huge proponent of bitcoin. Suarez is the first prominent US politician to declare that he will take bitcoin as payment for his whole salary.

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