Florida Governor DeSantis Says He Will Accept Bitcoin for Tax Purposes

Written by C, Fiona

Last updated: 2022-03-25

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Florida is likely to be the next U.S. state to accept cryptocurrencies for tax purposes. Governor Ron DeSantis said Tuesday, “We’re going to accept bitcoin and we’re working hard to serve Florida’s payments.”

Preparing for BTC taxation

Gov. DeSantis said he has asked state agencies to find ways to make this transition. Speaking at a press conference at Wesley Chapel, Gov. DeSantis said,

“We’re working – and I’ve told state agencies – to find a way that if a business wants to tax the state of Florida with cryptocurrency we should be willing to accept that.” .

Last December, Florida’s governor proposed allowing local businesses to use cryptocurrency to pay state taxes. He also proposed funding for “blockchain technology trials,” but the Legislature failed to pass it. DeSantis, a likely Republican presidential candidate in 2024, expressed skepticism about President Joe Biden’s executive order on the crypto industry issued earlier this month. He said there is a fundamental difference between decentralized digital currencies, such as Bitcoin, and digitizing or converting the U.S. dollar into a digital currency (which remains centrally controlled).

Colorado Starts Crypto Tax Race

Earlier this month, Colorado became the first U.S. state to accept crypto taxation. The move could take effect from June of this year.

Calling it “the next logical step on the road to a digital state,” Colorado’s governor announced a plan under which crypto payments would be matched to the dollar value of the tax. Payments for digital assets would be converted to U.S. dollars before being deposited into the state treasury.

Miami, Florida, is quickly becoming a hub for cryptocurrency business, and Mayor Francis Suarez is considered a big proponent of bitcoin. Suarez is the first major U.S. politician to announce that he will accept a full payout in Bitcoin.