Florida To Accept Payments In Cryptocurrency

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The ongoing battle continues.

Will cryptocurrency be banned? This is a question that many of the FUDsters still pose. The reality is that horse already left the barn but some still hold onto it for argument sake.

Each day we see expansion within the industry that makes things even more difficult to control. The cryptocurrency industry is growing at an accelerated pace. It seems like allies pop up out of nowhere.

We can now count the Governor of Florida as being in that camp.

It is worth nothing that state is home to Francis Suarez, the pro-crypto Mayor of Miami. Perhaps some of his calls were heard in Tallahassee, the state's capital.

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State Payments In Cryptocurrency

According to Governor Ron DeSantis, the state is going to accept cryptocurrency for payments. It appears this will apply to business taxes.

"We are working – and I've told state agencies – figure out ways where if a business wants to pay tax in cryptocurrency to Florida, we should be willing to accept that," he said.

He further clarified with this comment.

DeSantis specifically said that Florida is working on accepting bitcoin as tax payments.

Florida is the 3rd most populous state in the US with over 20 million people. This is more than 3.5 times the population of El Salvador, the first nation to make Bitcoin legal tender.

Having a state this populated accepted cryptocurrency as payment would be a huge feather in the pro-crypto cap. It is another example of how the lines are being drawn and the siding of crypto is expanding.

Even if the service is not widely used, as appears to be the case in El Salvador, the fact it exists is a defense against the moves counter to cryptocurrency's success.

Central Bank Digital Currency

The Biden Administration just put forth an Executive Order that pushes the different federal agencies to look into regulating cryptocurrency. Part of that Order is to determine the viability of a Central Bank Digital Currency aka "Digital Dollar".

This is something that concerns DeSantis, as it does most people involved in cryptocurrency.

DeSantis was clear to contrast his pro-crypto stance with state-controlled digital money proposals floating around Congress. DeSantis said he believes there are a lot of "hazards" related to a federally controlled digital dollar.

"I worry about the amount of power that would give someone in a central authority to basically be able to shut off access to purchasing certain goods," he said. "We'd be in uncharted territory."

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We do not need to go into all the pitfalls of a CBDC. The key is to realize that it hands politicians (and bureaucrats) a great deal more power. We know the United States Congress has shown itself completely incapable of managing fiscal policy. Now they want control over monetary policy too.

Steps like Florida is taking could be a counter measure. If more state adopt the stance of being pro-crypto and working it into their payment systems, then people will be provided with alternatives.

It also will create sinks for the different currencies, enabling, at least to a degree, the circumventing of monopolization of a CBDC.

Buying Time

The biggest key in all of this is for the cryptocurrency to buy time. If a move by the State of Florida can help to offset the measures taken at a national level, then the overall situation.

We need to realize that cryptocurrency does not need government consent to succeed. It was designed to operate outside the reach of governments. This is unfolding in a manner similar to the Eurodollars system. The only difference is the world did not know what was happening when that was constructed.

Cryptocurrency is out in the open.

Since we are dealing with a technology, things simply need to evolve. Development takes time. Because of this, any delays by governments works to the industry's advantage. People are creating new applications on a daily basis.

Of course, we will welcome the aid of any government entities that happen to view cryptocurrency as an opportunity. Mayor Suarez made a lot of headlines with his pro-crypto stance, going as far as to start MiamiCoin. Last month the City accepted its first payment of $5.25 million from the mining of the token.

Florida Coin?

If Miami can have a coin that is mined and generates revenue, why could the same not hold for the State of Florida? Perhaps DeSantis would be interested in CityCoin expanding its program to the state wide level.

Even if that step is not taken, it does open the door for new opportunities. To start, it is illegal for government entities to hold digital assets on their balance sheet. This might present the move to remove that from the books.

Miami has to have the money gifted to them from the mining of its coin. If we see a change in the law, other cities within the state could follow suit.

We also could see the decision for certain entities to start buying Bitcoin and adding it to the Treasury. This certainly could take place at the state level. What better validation for cryptocurrency than government entities starting to hold it as part of their reserves.

For now, it will be interesting to watch if the state does start accepting some payment in the form of Bitcoin.

It will be a massive step forward in the acceptance of cryptocurrency.


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Florida out here kicking butt. At least they are understanding things and the future unlike the government. Beautiful thing about united states each state can have their own rules and laws.

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That is true. And if enough states enact a pro-crypto stance, the Feds will be handcuffed. They can override it with laws but then they also have to enforce it.

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You must be so happy today Task. :)) I love it when governments are supportive of cryptocurrencies. It's so great for adoption. I am also waiting for a day to file my crypto income taxes in crypto. That'd be cool 😎

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I am also waiting for a day to file my crypto income taxes in crypto. That'd be cool

I am waiting for the day when crypto replaces the need for taxes.

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Haha. That'd be legendary. 😬 Very soon. ™

Taxation is a scam anyway!

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I am trying to get stuff together for my tax person. I am finding it to be a major pain. Hive and Ctp a real pain. So have some considerations to think of on whether it is worth al the pain of the tax return.

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Many great developments, Florida accepting crypto is HUGE, and also a second country on the brink of accepting Bitcoin as legal tender. We just keep moving!

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The cryptocurrency industry cannot be denied along with the demands of the times, the good will of the government is very decisive through clear and definite arrangements, all for the sake of legal certainty for the development of the cryptocurrency industry, there are many people have been waiting for. hopely every government in every country can answer it as soon as possible..

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That's good news and a step forward.

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To be fair, Congress is supposed to have control over monetary policy, not private bankers. The problems with a CBDC are the privacy issues and the control it gives the government over your money.

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The problems with a CBDC are the privacy issues and the control it gives the government over your money.

But that is what your first sentence said is suppose to happen.

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(Edited)

The fact that Congress is authorized by the Constitution to set monetary policy doesn't mean that they can or should be able to do whatever they want any more than the Federal Reserve should. There are rules laid out in the Constitution that are supposed to be followed. The fact that Congress long ago delegated their authority for such things to the Federal Reserve (a private institution) is arguably unconstitutional in the first place. But there is a difference between defining exactly who has the authority and defining exactly what that authority entails. We shouldn't have a CBDC (at least not for general usage as a currency). Who makes that decision doesn't change that.

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There are no rules in the Constitution that lay out monetary policy in terms of what Congress should or should not do with monetary policy. It allows them to coin the currency which they still do.

As for the Fed, it doesnt do money so their control over monetary policy is limited. They like to act big and people think they actually have an impact but they do not. The Fed has nothing to do with the expansion of dollars. Hence their policies are rather ineffective considering they have no way to affect the supply of USD or the interest rates on the long end of the curve.

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The Fed controls the expansion of dollars in part by controlling the interest rate, buying and selling securities and a whole lot of other more complicated transactions. True, the U.S. government (Congress) decides how much in terms of securities (debt) to sell. However, given that the Federal Reserve holds $7 trillion of that debt I'm pretty sure the money supply could have been expanded as far as it has only because of the policies of the Federal Reserve. Without the Federal Reserve, Congress would have to sell that debt to the rest of the world (in addition to what it already has). If your best customer stops buying I'm guessing you can't sell as much.

How money is created and debt is managed is part of monetary policy. These are things the Constitution grants power to congress to do within certain bounds. Creating large wads of unbacked paper (or digital currencies) isn't in there though. I believe it speaks of only silver and gold. In this matter, as in many others, Congress long ago exceeded its authority (and at least in part delegated it elsewhere).

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Agreed, it should be handled by the US Treasury not the treasonous Federal Reserve.

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Do you know what the general makeup demographic-wise of Florida is? I am just wondering if the fact that they have a large retirement population will play a factor. The older generations have been less accepting of crypto currency in my experience. Like I said, it will be interesting to see if that comes into the equation at all. I think it is funny that the governor was basically saying "you figure this out". I guess that is why they get paid the big bucks, but it still makes me laugh a little.

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There is no doubt that Florida is one of the retirement havens in the country. However, there is a lot of younger areas as evidenced by Miami's push into crypto adoption.

As for the figure it out, that is the mandate to the departments. The Governor is not about to figure out the logistics and IT work required for each department to accept Bitcoin payment.

It is like Biden's executive order; the President isnt about to figure all this stuff out. That is what the different agencies have to do.

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Yeah, I figured that.

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Three months ago, you wrote about it being on the cards

It is interesting to see how this plays out. This could change the whole cryptocurrency view in the entire country. It's a simple case of FED vs Crypto. Now Florida is making a statement. if this happens, anything can happen else where too.

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When you said FED do you mean Federal Reserve or FEDs as in the Federal Government? They carry two different meanings here.

The Federal Government is being offset by a move like this by a state. If other states follow, it will really put a crimp in the Federal Governments plans.

It is an interesting system in the US where the states can push back on the Feds. While there isnt the same power, collectively they can cause a lot of turmoil. For us, that means time arguing which allows us to keep developing.

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Such great news! I love when I read this news coming from USA

Florida Coin?

but the idea of a coin created by the government means "centralized" as well, it would be inevitable.

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Actually MiamiCoin is not centralized. It is done through mining.

And even if it is centralized, so what. That doesnt mean that all other crypto is banned. It simply means the State is now creating a token that it uses (and hopefully raises money from).

The key is to counteract any attempts to stifle (ban) cryptocurrency.

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Nice progress! Go Florida. Will be interesting to see how many citizens will participate in this new pmt method.

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The benefit is that it is there as a vehicle against whatever the Federal Government does.

That is where we have another ally in the fight.

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This is really awesome and a way to appreciate crypto impact and progress to change things positively, am impressed.

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I think having more states and cities accepting crypto will put pressure on the government but I don't think the politicians are interested in accepting crypto unless they are allowed to make the rules. So I think the CBDC is a way to force the change towards this direction.

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I think once the US states have the option to use the QR code for payment with bunch of cryptos to choose from. I think that would be the day we are going to see the more financial decentralization taking shape. But I suppose 1 more year have to wait for that.

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Not sure if QR will make a difference. They need to open up to the idea of accepting it as a form of payment, regardless of the exact method. It seems the Governor of Florida made that choice. We will see what others follow.

There are other laws that can be changed in Florida if this is the direction the state government is going in.

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Hell Yeah! Just one of many reasons I live in the state of FL. Miami has become crypto conference central the past couple years. Will be at the conference in a couple weeks shilling leofinance to anyone who will listen!

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Glad to see more Floridians here on hive... Cheers from Orlando!

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I like this guy, Governor Ron DeSantis, I wish we had more politicians like him. What sets him aside from the mayor of New York is the fact that he is not just for crypto and using it as an advertising tool for him as a politician, but also being directly involved in the well being of his citizens. I remember quite vividly his attitude towards wearing masks and their harmful effects on health.

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Things we love to see and hear crypto . Gradually it’s getting absorbed into every nooks and crannies of the world.

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Slowly chipping away as one goes the second becomes a lot easier and then the others start to follow. I think this is inevitable and the first is always the biggest move. If a State accepts taxes then how can the US Government ignore crypto anymore as this is an in house political battle.

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Crypto currency has been gaining ground,I believe soon every body will join crypto currency and the whole world will accept it.

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Can’t wait for the day I can visit Bitcoin Miami lol. I wonder if we will see specific US cities rise and fall according to their deeper and deeper adoption of cryptocurrency.

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Such a cool story; looks like this narrative is gaining an awful lot of momentum. Thanks for sharing.
Tim

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I'm so proud of my state. Right now, I grow food and I accept payments crypto and cash/coins. If Florida State releases their own special cryptocurrency that will be pretty sweet, but its so awesome to hear Ron DeSantis coming out and supporting crypto. He's getting my vote this year. Cheers from Orlando!

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Really goodnews lurking around. Cryptocurrency is a tech advancement that nations can't ignore since they never ignored cars and Telecom. Here is TeleMoney and its only a matter of time.

Will cryptocurrency be banned? This is a question that many of the FUDsters still pose. The reality is that horse already left the barn but some still hold onto it for argument sake

Many are waiting for who to start first. This is truly the time to buy as we approach mass adoption.

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