Florida is moving to allow businesses to pay taxes with cryptocurrency, according to the governor's proposal.
This follows a recommendation by Governor Ron DeSantis under a budget proposal (2023/2022) titled Freedom First Budget.
According to the proposal published by Investing.com, the country should provide $200,000 to the Department of Financial Services to facilitate the acceptance of fees in cryptocurrencies.
Furthermore, the budget also recommends allocating $500,000 to explore the use of blockchain technology.
The funds will facilitate maintenance, vehicle title issuance and validation of Medicaid transactions along with identifying potential fraud.
Florida's governor said in the proposal: Florida encourages cryptocurrency as a means of commerce and enhances Florida's attractiveness for business and economic growth.
DeSantis' latest proposal aligns with an attempt to harness Florida's growing reputation as an emerging destination for crypto investments.
Crypto enthusiasts are flocking to the state with officials led by Miami Mayor Francis Suarez stating that businesses in the region have embraced the industry.