Bitcoin (BTC) and other assets in the crypto world have actually been attracting the attention of authorities for a long time. However, the number of positive news on this subject was quite low in the face of this interest, and Florida Governor Ron DeSantis is preparing to embellish this interest with a very positive development. The governor is preparing to introduce the ability to use crypto to the state government’s tax system.
Governor Ron DeSantisis trying to increase the interest of other authorities in crypto to allow businesses to pay taxes with crypto. Speaking at a conference recently, the Governor said:
“I’ve told government agencies that if a business wants to pay in cryptocurrency in Florida as well, they find ways for us to be willing to accept it. We are working on that.”
In 2019, Ohio made tremendous news following its move to accept crypto for tax payments. However, this proved to be a failed attempt. The number of businesses paying their taxes in Bitcoin was negligible. As a result, the state closed the portal.
It seems unlikely that this will happen again in 2019 as crypto is still in its infancy. But now, the industry is on the rise in terms of both value and adoption.
Same way, Coloradobecame the first state to accept crypto for tax payments. Florida seems to be following a similar move.
Is Using Crypto the Right Choice for Tax Payments?
Crypto continues to exist as a prominent payment method. Some continue to talk about the volatility of the market, while others continue to embrace crypto. If volatility is a big concern, Bitcoin’s volatility index has dropped significantly since 2010. As of 2021, the average volatility of BTC/USD was as low as 4.56%. However, in 2011 it had increased to 8.26 percent. The government can actually make a profit by accepting taxes on crypto.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.