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Florida Is Ready To Pay Taxes In Crypto

Following Colorado, which had decided to use cryptocurrencies to pay taxes, New York and Wyoming, where lawmakers have been very supportive of using cryptocurrencies in their jurisdictions, Florida is also ready to welcome innovative changes.

Paying Taxes in Crypto

Florida, the State which has been preparing to be a hub for crypto activities, has announced that it is ready to allow businesses to pay their state taxes in cryptocurrency such as Bitcoin. Francis Suarez, the Mayor of Miami, the heart of Florida, is open to following crypto-related activities to develop the nation. As a result, the State has started to provide opportunities for its citizens, starting with paying taxes in crypto. (1)

46.Governor of Florida, Ron DeSantis, announced its plans during a ceremony for a bill aimed at the high schools to have financial literacy classes in their curriculum mandatorily.(2) He told the news, ”

We will accept Bitcoin, we’re working on doing that, for payments in the state of Florida……. “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.”(3) There are also rumors that these classes would include crypto-currency literacy.

DeSantis is working with the state agencies on the methods and logistics for businesses to pay their taxes with crypto. He has been already working and planning to adopt the usage of cryptocurrencies which would be seen by his actions in 2021 when he proposed the 2022-2023 budget for enabling companies to pay state fees in cryptocurrency. He suggested using blockchain technology to manage Medicaid payments and Florida Highway Safety and Motor Vehicles which the Florida Legislature did not accept. (4)

Florida’s Heart: Miami

It is known that Miami is actively welcoming crypto companies to Florida, such as Blockchain.com and FTX, as a crypto exchange officially renamed the Home of Miami Heat, FTX Arena. Suarez also submitted a resolution that enables the city workers in Miami to have the option to be paid in Bitcoin.5 He even announced via his Twitter (6) account that he is open to receiving his payments in Bitcoin.

Different industry players and enthusiasts have been joining Bitcoin 2022 conference in Miami Beach, Florida, on Tuesday, April 5, 2022. Companies and entrepreneurs exchange their ideas and share their visions with the crypto world. (7)

For the extraordinary event of the Bitcoin 2022 conference in Miami Beach, a robotic 3-meter bull with laser eyes statue was unveiled with the Suarez saying, “Welcome to the future of finance,” “I give you the Miami Bull.” (8) According to the statements made by the organizers of the conference, at least 75 companies are planning to announce some news at the meeting. (9) CEO of Plantation, TradeStation, established in Florida, John Bartleman, explains the importance of the conference where participants can pitch their ideas by stating, “It’s hard to deny this is an amazing opportunity for companies to come here and build out their project in crypto.”(10)The conference will last until April 9. (11)

As Vircon Legal, we’ll keep you updated regarding the crypto-related news in Florida and other developments about blockchain.

  1. https://blockworks.co/desantis-says-florida-should-be-willing-to-accept-taxes-in-crypto/
  2. https://bitcoinist.com/florida-will-allow-citizens-to-pay-taxes-in-bitcoin/
  3. https://decrypt.co/95823/florida-desantis-accept-bitcoin-state-taxes
  4. https://blockworks.co/desantis-says-florida-should-be-willing-to-accept-taxes-in-crypto/
  5. https://www.newsweek.com/miami-passes-resolution-allow-paying-city-workers-bitcoin-attempt-woo-big- tech-1568784
  6. https://twitter.com/FrancisSuarez/status/1455562833006059528?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1455562833006059528%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2021%2F11%2F02%2Fmiami-mayor-suarez-to-take-next-paycheck-in-bitcoin%2F
  7.  https://www.cbsnews.com/news/bitcoin-2022-miami-conference-crypto-tech-hub/
  8. https://www.cbsnews.com/news/bitcoin-2022-miami-conference-crypto-tech-hub/
  9. https://www.cbsnews.com/news/bitcoin-2022-miami-conference-crypto-tech-hub/
  10. https://www.deseret.com/u-s-world/2022/4/6/23013649/miami-mayor-new-robot-bull-laser-eyes-bitcoin-conference
  11. https://www.festicket.com/festivals/bitcoin-conference/2022/shop/