Miami-Dade County task force to study viability of digital currency for tax payments

Miami-Dade County task force to study viability of digital currency for tax payments

Two years after the state of Ohio suspended digital currency tax payments over “legal issues,” a Florida county is seeking to get started on a similar path. Miami-Dade County has created a task force that will look into the feasibility of using digital currencies to pay taxes and will be borrowing a leaf from Wyoming’s progressive digital currency regulations.

The Board of County Commissioners in Miami-Dade has adopted Resolution R-455-21 which provides for the creation of the Cryptocurrency Task Force. Its purpose will be to study digital currency tax payments and offer recommendations for other policies that can propel the adoption of digital currencies in other sectors in Miami-Dade.

Florida has positioned itself as the new blockchain hub in the United States. Led by Francis Suarez, the mayor of the City of Miami, it has promoted digital currency adoption through such initiatives as mass education and regulatory changes. However, it still lags behind other states like Wyoming which have been moving at breakneck speed in their blockchain adoption.

Seeking to learn from Wyoming, the task force met with the American CryptoFed DAO, the first legally-recognized decentralized autonomous organization in the country. As CoinGeek reported, the DAO was registered just 11 minutes after the Wyoming DAO Bill took effect and has now filed with the SEC to launch two new tokens.

The task force visited Cheyenne and Laramie in Wyoming for “educational discussions with Wyoming’s legislators, regulators and thought leaders for the State’s successful Cryptocurrency and Blockchain initiatives.”

Marian Orr, the CEO of American CryptoFed DAO hosted the task force in Wyoming and believes that the two states will benefit from partnering in blockchain and digital currency regulation.

Miami-Dade is in a prime position to become the local leader in blockchain regulations in the Sunshine State. While Florida has touted itself to be the new home of blockchain in America, it has yet to follow through with enabling regulations. Mayor Suarez has been pushing Miami City to enact new enabling laws, but not much has been done yet.

Florida can take advantage of its rising profile as the new home to tech talents. With the pandemic has come a sharp rise in remote working, taking away the need for these talents to reside in Silicon Valley, New York, and Seattle where the cost of living is quite high. As these cities saw a dip in tech talents, Miami recorded a 15.4% growth.

Watch: CoinGeek New York, Investigating Criminal Activity on the Blockchain

YouTube video

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.