Many American businesses have been striving to extend their use of cryptocurrency for many years. And the government’s finances are no exception. Taxes might be paid with cryptos very soon.
The American political system is distinct, with each state implementing its own set of regulations. We may determine their orientations by examining the freedoms and prohibitions presented by each of them. Without a question, Florida is a major fan of the IT world in general.
Florida Governor Ron DeSantis has announced the development of new tax measures. To the satisfaction of the latter, these proposals aim to permit the payment of corporate taxes directly in cryptocurrency. Also, much to the satisfaction of investors.
Goal: Make Florida A True Crypto Investment Hub
It was foreseen, but here we are. Businesses in Florida may now pay their taxes in cryptocurrencies. Yes, a minor revolution. However, in the digital era, this appears to be an unavoidable move forward. Especially for the birthplace of technology businesses.
The name to remember is Ron DeSantis. The Governor of Florida has made major attempts to make bitcoin holdings tax-exempt. His objective is to make Florida a true crypto investment powerhouse, while being openly pro-crypto.
To achieve his goal, he intends to devote $200,000 to his financial services department so that he may accept cryptocurrency payments, as well as $500,000 to road safety for a trial program utilizing blockchain technology.
As a result, he aspires to turn Florida into a virtuous loop in terms of new generation business. Tax business revenue, reduce general taxation, stimulate the establishment of new enterprises, and throw the red carpet for blockchains and cryptocurrencies of all colors. These are only a few examples of Ron DeSantis’ great attempts, which are propelling Florida even closer to crypto-heaven status.
The precious support of the Mayor of Miami Ron DeSantis
Francis Suarez is the second name to remember in this wave of democratization of cryptocurrency use. Francis Suarez, Mayor of Miami (the second biggest city in the state of Florida), is a strong backer of this project.
Straightforwardly, he took the effort to get his future wages in Bitcoin (BTC) rather than USD.
Previously, the mayor of Miami introduced a token called Miami Coin, the first token dedicated to a single American city. His passion is understandable given his background as a previous member of the Florida BlockChain and Cryptocurrency Task Force. This Task Force brings together experts from a variety of sectors. She advises on the legal, financial, and technological aspects of blockchains and cryptocurrencies.
According to Francis Suarez: “Blockchain technology is the most secure technology on the planet”.
Thus, he joins the Governor of Florida to introduce blockchain technology in as many public domains as possible. Among the projects of these two innovative politicians, we note for example the health sector or that of education and schools.
Crypto: Towards an increasingly decentralized currency
The fact that cryptocurrencies are decentralized is one of the primary reasons for their popularity. In other words, transactions are speedier, and financial power is more evenly spread.
Many experts are concerned about an overly centralized currency, such as the digital dollar.
The dangers of a centralized currency stem from the concentration of power in the hands of a single authority. According to this argument, all economic actors are going toward more decentralized currencies. The state of Florida is one of these economic players.
The rising interest in cryptocurrency is explained in detail here. Cryptocurrencies, unlike the digital dollar, operate on a totally decentralized structure. DeFi, which stands for “Decentralized Finance,” attempts to facilitate the transmission of value without the use of an intermediary, with banks serving as the typical intermediary. A basic internet connection is all that is required. Furthermore, because cryptocurrencies are a decentralized currency, they are not subject to any authority for issuance, regulation, or supervision.
The data of each cryptocurrency transaction is therefore kept in a completely decentralized manner. Blockchains serve as a foundation. As a result, financial power is far from monopolized in this situation.
The Governor of Florida, who is pro-crypto and, above all, ambitious for his state’s future, so has a dual goal: to fulfill the rising needs of businesses for the use of cryptocurrencies, and to boost the attractiveness of his state.
Florida. For a long time, it has been a haven for businesses. And a potential haven for cryptocurrency investors.