Crypto adoption, without any doubt, is on the rise, and these are not the financial enterprises and people in their individual capacity that are only favouring crypto, but many States and government back institutions are doing the same. Recently there has been a piece of news that crypto has received a recommendation under the twenty 2022-23 budget proposal that is freedom first budget. According to which the Florida-based businesses could pay their tax payments using crypto. This is just a proposal at the moment, and nothing official has been determined just yet.
But translating the contents of the proposal, there is the talk of the state offering $200K to the financial department for the sake of facilitating the acceptance of tax payments in the form of digital currencies. Additionally, a budget of $500K has also been proposed so that the state could be able to explore the contents of blockchain technology and its use case. These funds will be used for the sake of maintenance, the issuance of motor vehicle titles, and furthermore, the authenticated transactions are done for Medicaid and at the same time identifying any potential fraud that is taking place within the system.
Florida becomes the only state to ever receive a proposal where the local business is being allowed to pay their taxes in the form of cryptocurrencies of their own liking. There is no definite candidate in the form of crypto, such as the people could only pay their taxes in Bitcoin or Ether, but any cryptocurrency of their own liking would do. This, without any doubt, is a most eccentric step that has been taken by the state of Florida, but whether or not it would become official in the end is the question that everyone is asking right now.
Even if the state approves the use of crypto for the sake of paying taxes, then what of the businesses, would they be willing to pay their taxes in crypto, or would it just be another financial dent to the state? At the moment, there is no official statement either confirming or contradicting this what it is likely that this thing would get approved.