Florida to Receive Tax Payments in Crypto

Florida Governor Ron DeSantis announced that the state is working on a plan to allow businesses to pay corporate taxes in Bitcoin and cryptocurrencies. Florida and DeSantis have gained a reputation for embracing the adoption of Bitcoin and blockchain technology and have welcomed innovation. DeSantis along with the city of Miami Mayor Francis Suarez have made the state a hotbed for Bitcoin and crypto related companies.

DeSantis has publicly noted the difference between the decentralization of Bitcoin and other potential government or central bank digital currencies. He raised concern when President Joe Biden signed an executive order for federal agencies to research pros and cons of a government-launched U.S. digital currency among other topics surrounding digital assets. 

Seminole County Tax Office in Orlando, Florida has accepted cryptocurrency payments since 2018 via BitPay and other states outside of Florida have begun to take notice. Both Wyoming and Colorado have passed legislation that will allow individuals and businesses to pay taxes in crypto and have passed pro-crypto legislation.