Governor Of Florida Proposes Tax Payment In Crypto

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The time has come for cryptocurrency to serve as a wide utility following many companies’ integration of crypto payment. More decision-makers are considering following suit.

Politicians in the United States are increasingly conversant with the flexibility associated with payment.

According to the governor of Florida, Ron DeSantis, the plan to allow firms to pay their taxes in digital currency is in the pipeline.

The governor revealed this while speaking at a conference on March 22; he disclosed that he had directed the state’s tax agency to explore the possibility of adding crypto payment in the tax collation to accommodate businesses who would prefer to pay their taxes in cryptocurrency.

According to a Bloomberg report, DeSantis has previously proposed a plan last December to allow businesses to settle their fees with the state in cryptocurrency.

Worry Over Digital Dollar

The state of Florida aims to become a regional hub for cryptocurrency and blockchain technology, and the governor is supporting the move to achieve the vision. DeSantis now join the likes of Francis Suarez, the Mayor of Miami, an ardent Bitcoin supporter who was reported to have said he is prepared to receive his pay in Bitcoin.

A gubernatorial candidate in Florida, Nikki Fried, is another digital currency advocate who has since embraced the crypto movement by allowing for donations in cryptocurrency for her campaign.

However, DeSantis has made his concerns about the executive order of President Joe Biden known by saying that there is a world of differences between a decentralized currency and a centralized currency like the central bank-issued digital dollar.

DeSantis further added that he is worried due to the centralization of the digital dollar and the amount of power that a person can wield in a centralized authority capable of depriving some people of access to the central bank-issued digital currency. It has technically defeated decentralized virtual assets, as seen in the crypto industry.

The Florida governor is not alone in voicing his concerns. Tom Emmer, a Minnesota congressman, is against a central bank-issued dollar, saying that a controlled digital dollar by the central authority is like China’s authoritarian control over citizens’ digital assets.

The Rise of Pro-Crypto Lawmakers

Politicians are now using their position to advance the cause of crypto adoption in transactions. This might point to the fact that most of them are young and fans of innovation and virtual assets.

No doubt, just like in other spheres, some detractors and critics would rather prefer the old ways of doing things and, when given a chance, would attempt to crush the crypto industry and wipe it off the earth—one of them is Senator Elizabeth Warren. The critics want to maintain the conventional financial system and see digital currency as a threat to economic stability.

But the old politicians like Elizabeth Warren are gradually being phased out and replaced by a more dynamic, innovation-driven, and visionary generation of decision-makers like DeSantis and Suarez. They are the future of lawmaking in the U.S.

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