Thursday, October 5, 2023

Florida Receives Taxes in Crypto


The United States dominates the cryptocurrency media coverage as crypto-friendly states drive cryptocurrency usage. The drive, however, arrives at a time when regulatory monitoring is at an all-time high.


In previous months, there has been a lot of media attention on US politicians and cryptocurrencies. New York City Mayor Eric Adams announced that he would accept Bitcoin. This is for his first three pay checks at the beginning of the year.

Before becoming Mayor, Adams, a former police officer, had promoted the idea. Later that month, Adams received his first salary check. It came during a prolonged cryptocurrency sell-off that witnessed Bitcoin plummet by over 50% from its November high of $68,979.

Eric Adams follows in the footsteps of Miami City Mayor Carlos Suarez and Tampa Mayor Jane Castor. They are the ones who stated last year that they would accept Bitcoin pay checks.

City Coins

Miami and New York are the two most technologically advanced cities of the United States. This is regarding cryptocurrencies. The City of Miami introduced its MiamiCoin in June 2021, making it the first CityCoin to hit the market.

Citizens can use CityCoins to create crypto-based income. CityCoins, backed by Stacks (STX), provides smart contracts on the Bitcoin network. By depositing STX into smart contracts, CityCoin miners get CityCoins token incentives. Stackers receive 70% of all STX tokens invested into the smart contract.

City Wallets receives the other 30%. City Wallets are the cryptocurrency counterpart of a city’s treasury. Mayors can use the tokens they’ve accumulated to invest in the city by exchanging them for currency. Mayors can also mine for Bitcoin using the STX tokens they have accumulated.

After Miami, New York City issued its coin, the NewYork Coin (NYC Coin).

Test for Pro-Crypto Politicians

While crypto-friendly cities like Miami and New York exist, policymakers on Capitol Hill have a contrasting take on cryptos. Also, on cryptocurrency mining.

Last month, a subcommittee of the US Congress held a hearing on Bitcoin mining and the environment. Proof-of-Work (PoW) mining, Bitcoin, and the effect on the environment were all viewed negatively by lawmakers. While the purpose of the hearing was to gather information, the general agreement was that Proof-of-Stake was the best solution. Since the session, a recent report by CoinShares has cast doubt on Bitcoin’s mining numbers. Courtroom proceedings included a presentation of this evidence.

After the hearing, the White House said that an Executive Order, tasked agencies with regulating cryptocurrencies. Additionally, the national security problem would be released shortly.

Because of increased governmental scrutiny, Bitcoin and the cryptocurrency industry have fallen since late November. A significant shift in the cryptocurrency regulatory environment might result in even more damage. Regulators from all around the world have called for the creation of a global regulatory structure.

Despite recent crypto market unpredictability, US politicians remain committed to their cryptocurrency objectives.

Florida’s State Fees in Crypto

Florida Governor Ron DeSantis allegedly reiterated his favor for businesses to pay government fees in cryptocurrency late last week. Late last year, the Governor suggested a system that would allow companies to pay governmental fees in cryptocurrencies.

Per the article, DeSantis remarked that the state’s crypto-friendly position has resulted in an influx of people to South Florida.

Miami City leads the charge and Florida Governor DeSantis advocating for cryptocurrency uptake. As a result, the White House’s plans for cryptocurrency regulation and acceptance could decide the project’s success or failure. Punitive restrictions may force firms to steer clear of bitcoin for the time being. Because of this, more states in the US may begin to accept the use of cryptocurrency.

Christina Jones
Christina Jones
Christina Jones is the owner and CEO of Cryptoconstellation Before starting Crytpoconstellation, Christina spent ten years as an Editor in Chief at a well-known publishing house, Editorial Planeta SL, in Madrid.

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