Florida governor investing $700K to let business pay state fees in crypto

  • The governor of Florida has proposed spending $200,000 to allow businesses to pay state fees in cryptocurrencies.
  • He also proposed spending another $500,000 to allow the state to explore the potential of blockchain technology in areas such as motor vehicle record maintenance.

Florida wants to become the cryptocurrency and blockchain hub of the U.S, and the governor is spending big to make this vision a reality. Governor Ron DeSantis has proposed allocating $700,000 to explore blockchain technology and allow local businesses to pay state fees in cryptocurrencies.

The governor announced his Freedom First Budget recently. pledging to preserve ” Floridians’ freedom to earn a living, to operate businesses and to choose educational options tailored for their children.” Totaling $99.7 billion, it pledges to “put Floridians and their freedoms first, keeps taxes low, and addresses key priorities – all while maintaining record budget reserves.”

For cryptocurrency enthusiasts, the governor’s allocation of $200,000 to push for cryptocurrency payments is the most eye-catching proposal. The funds will be allocated to the Department of Financial Services, “to offer Florida corporations the ability to pay state fees via cryptocurrency directly to the Department of State.”

The budget proposal adds:

Florida encourages cryptocurrency as a means of commerce and furthering Florida’s attractiveness to businesses and economic growth.

The governor is allocating even more money to blockchain exploration. He proposes giving $250,000 to the Department of Highway Safety and Motor Vehicles to support a Blockchain Title Pilot Program.

Under this program, Florida will evaluate potential concepts, designs and technologies to maintain and avail certificates of motor vehicle titles through the blockchain. It also hopes to determine the feasibility of providing a permanent option to obtain or transfer certificates of title on the blockchain.

Yet another $250,000 will go to the Agency for Healthcare Administration if the governor’s budget proposal is passed. This will be channeled to a pilot project that will use blockchain technology to authenticate Medicaid transactions and curb potential related fraud.

Florida – the Bitcoin state

In his budget proposals, Governor DeSantis is working towards growing Florida’s growing reputation as a cryptocurrency and blockchain hub. In a speech in Tallahassee where he unveiled his budget proposal, the Republican governor said cryptocurrency enthusiasts have flocked South Florida where the local government and businesses have embraced the industry.

Miami in Southeastern Florida has been the biggest beacon of cryptocurrency adoption, and it’s paying dividends for the city. FTX, the exchange led by Sam Bankman-Fried, paid $135 million this year to have the naming rights to what was formerly known as the American Airlines Arena, the home of the NBA franchise Miami Heat.

Miami mayor Francis Suarez has played a big part in making the city a Bitcoin hub. He has been advocating for BTC adoption for years now, including pushing to have his salary paid in the cryptocurrency.

Read More: Miami Mayor to take next paycheck in Bitcoin (BTC) as Wyoming Senator confirms that BTC is here to stay

About Author

Steve has been a blockchain writer for four years, and a crypto enthusiast for even longer. He is most excited by the application of blockchain to solve the challenges facing developing nations.

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