DeSantis Says Florida Should Allow Companies to Pay Taxes in Crypto

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Florida Governor Ron DeSantis — Courtesy of Shutterstock — Hunter Crenian

Governor Ron DeSantis said the state of Florida is working on a plan to allow businesses to pay taxes in cryptocurrency.

“I’ve told state agencies to find ways, where if a business wants to pay cryptocurrency taxes in Florida, we should be prepared to accept it,” DeSantis said Tuesday at a conference of hurry. “We’re working through that.”

DeSantis has taken advantage of the Sunshine State’s reputation as an emerging hub for crypto investing, with companies such as Blockchain opening offices in Miami. Blockchain.com rents a 22,000 square foot office in Miami’s famous Wynwood arts district, right next to Peter Thiel’s Founders Fund. The company plans to employ approximately 300 people in the building formerly called “Cube Wynwd” and will occupy the seventh and eighth floors.

Blockchain moved its US headquarters to Miami from New York last year as South Florida has become a popular destination for crypto jobs. In December 2021, DeSantis proposed a program allowing companies to pay state fees in digital currencies.

Miami Mayor Francis Suarez has also embraced the tokens, saying he will receive his Bitcoin paycheck in 2021.

DeSantis, a potential 2024 Republican presidential candidate, highlighted the difference between the decentralized nature of Bitcoin and what would be government-controlled digital currencies. He mentioned he was concerned about an executive order signed by President Joe Biden about two weeks ago that called on federal agencies to conduct extensive research on a number of topics, including the pros and cons of a US digital currency launched by the government.

“There’s a difference between a decentralized digital cryptocurrency like Bitcoin and what some people are talking about doing at the federal level to convert US dollars into a digital currency,” DeSantis said. “I think there’s a lot of risk with this when it’s centrally controlled. I worry about the amount of power that would be given to someone within a central authority to be able to block access in the purchase of certain goods. We would be in uncharted territory.

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