On Tuesday Florida Governor Ron DeSantis mentioned that he is working on a plan for Florida to enable companies to pay taxes on cryptocurrency in the state.

In Wesley Chapel, while speaking at a news conference on 22nd March when the governor was signing a financial literacy curriculum bill into law, the governor’s remarks came. The bill includes personal finance education as part of high school graduation requirements.

“I’ve told the state agencies to figure out ways, where if a business wants to pay tax in cryptocurrency to Florida, we should be willing to accept that,”

DeSantis stated cryptocurrencies like Bitcoin, amongst others, are something Florida’s authorities must be inclined to receive for payment of tax. Although, despite recent federal suggestions that the dollar may become a digital currency, he strongly disagreed.

The governor stated he had allotted some funding in his proposed finances to work on and explore blockchain technology. However, no initiative was taken by the legislature for the coming fiscal year’s appropriations. According to a report in December, DeSantis proposed an initiative to allow businesses to pay state fees in cryptocurrencies. Florida's governor supports the state's efforts to become a regional crypto and blockchain hub.

On 9th March, President Joe Biden issued a government order where he emphasized America to look at how the financial system is developing. He requested the Federal Reserve to discover how the United States should use its personal digital currency or digitize the dollar. Biden’s government order is primarily targeted at adapting to altering monetary practices, mainly services related to digital assets. DeSantis has highlighted concern over President Biden’s government order on crypto.  Earlier this month a central bank digital currency was signed which is also a matter of concern for DeSantis.

As per two of Biden’s advisors, the new government order would set up a countrywide method for dealing with digital assets and put the U.S. in the main position for domestic and worldwide innovation.  The government order is aimed at addressing the need to expand access to protected and affordable economic offerings while lowering the value for cross-border and domestic transfers and payments. Despite the order’s scope and focal point on exploration instead of direct action, DeSantis expressed challenge over the impact of a centrally, federally managed U.S. currency, and what that may want to suggest for residents.

Indrani bose

CBW - External Analyst

INDIA