This week, Florida governor Ron DeSantis unveiled that the Sunshine state would soon permit companies to use cryptocurrencies to pay state fees.
“Florida encourages cryptocurrency as a means of commerce and furthering Florida’s attractiveness to businesses and economic growth,” DeSantis wrote. To that end, the state is mulling over a $700,000 proposal to create a crypto and blockchain-friendly environment, according to the 2022–2023 budget proposal.
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Under a $200,000 Department of Financial Services program, Florida will receive funding to “pay state fees via cryptocurrency directly to the Department of State.”
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An additional $500,000 would be deployed to look at how blockchain technology could be used for the state's DMV records, Medicaid transactions, and efforts to fight fraud.
Miami has already garnered attention as a crypto capital, after Mayor Francis Suarez declared he would accept part of his paycheck in Bitcoin earlier this year, a move that prompted New York City's Eric Adams to quickly follow suit. The city also launched the MiamiCoin cryptocurrency through CityCoins this August. Thus far, the program has already generated over $21 million, and the city announced that Miami residents would receive Bitcoin dividends.
South Florida has emerged as a major destination for crypto investors, with Miami Heat’s basketball stadium even being rebranded as the FTX Arena in honor of the crypto exchange. Now, the state itself is riding on this popularity and hoping to attract crypto entrepreneurs who might invest in business opportunities in the state.
However, the rush toward crypto adoption does not always end in success at the state level. In 2018, Ohio launched a short-lived program allowing residents to pay their taxes in cryptocurrencies, only to suspend the program less than a year later.