DeSantis Announces Historic New Plan For Cryptocurrency

( Businesses in Florida would be able to pay their state fees using a digital currency if a proposal put forth by Republican Governor Ron DeSantis is passed.

The proposal is one of a few related to cryptocurrency that is being included in next year’s state budget.

On Thursday, DeSantis explained that Florida would launch a pilot program that would explore using blockchain technology for payments to Medicaid as well as titles for vehicles. The Department of Florida Highway Safety and Motor Vehicles would run the latter program.

South Florida has become attractive for crypto investments in recent years, and DeSantis is trying to harness this within the state’s framework.

Francis Suarez, the mayor of Miami, utilized Twitter to convince many crypto-based businesses to the area. The mayor has advocated for crypto to be utilized at the local level, and took a paycheck in Bitcoin. The Miami Heat basketball team even recently renamed their stadium as the FTX Arena, which is named after a crypto exchange platform.

While all these moves may seem to be symbolic in nature, they do serve as a way to convince entrepreneurs in the crypto industry to locate their operations there.

As DeSantis explained this week:

“Our view as the state government is this is something that we welcome, and we want to make sure that the state government is crypto-friendly.”

The crypto investments that DeSantis announced this week are part of the state’s proposed budget for next year, which will total $99.7 billion if it’s passed as presented.

While Florida is taking the lead in crypto, it isn’t the first state to move toward the digital currency.

In Wyoming, lawmakers have been aggressively promoting new laws that would lure some of the top entrepreneurs and businesses in the industry to their state. Wyoming has long been known as a very business-friendly state, and they’re hoping to push forward in the crypto industry as well.

Rafael “Tatito” Hernandez, the speaker of the House in Puerto Rico, announced this week that he’d start holding meetings with various leaders in the blockchain industry on his island about using the advanced technology to add both accountability and transparency to transactions that occur in the public sector.

That’s one of the biggest values that blockchain technology can bring to a number of industries. It’s not just used for cryptocurrency — it can be used for many different types of transactions across many different business sectors.

If Florida were to move forward with DeSantis’ proposal, it actually would become the second state to allow residents to pay for services using digital assets.

Back in 2018, Ohio became the first state to let its taxpayers use digital payments to make payments. However, the state quickly suspended that program just one year after it launched, saying it didn’t meet the standards that were set by the state.

Ohio has yet to re-launch the program, and there’s no word whether it ever plans to.