The world is coming to terms with the undeniable truth: bitcoin and cryptocurrency can't be overlooked anymore. You either hop on the train or get left behind. Cities across the world - and to great measures, countries (case in point, El Salvador) - are taking giant steps in adopting bitcoin and cryptocurrencies.
One city that has vocally voiced its commitment to cryptocurrency adoption and growth is Miami. And now, Florida, the state where Miami falls under, is doing one better than Miami. Florida is accepting bitcoin and cryptocurrency as payment for goods and services.
HOW INTERESTING IS THIS MOVE BY THE STATE OF FLORIDA?
The world over, the debate on the universal fungibility of cryptocurrencies have been on the rise. Some federal governments are outrightly banning cryptocurrencies. India is the latest country rumored to be placing brick walls on cryptocurrency activities, banning every form of cryptocurrency exchange on platforms such as Redot.com. Whether it is mining or trading or investing, India plans to ban everything related to cryptocurrency.
Then there are other countries such as Russia and South Korea that still restrict some activities while allowing others, with fears that cryptocurrency will open the door for money laundering and corruption.
While these fears are true, they are a smokescreen that distracts from the immense positives that cryptocurrency and bitcoin offer.
And for forward thinking cities and states like Miami and Florida, accepting bitcoin as payment through exchange platforms like Redot.com is a step towards ensuring that the state takes the first step in preparing the world for a solely digital economy.
The proposal for businesses in crypto Florida to pay state fees in cryptocurrency was brought forward by the governor of Florida Ron DeSantis. The proposal will allow businesses operating in the state to pay directly into the state's wallet.
WHAT DOES THIS PROPOSAL ENTAILS?
The proposal is two-pronged: on one end, the state will provide $200,000 to the Department of Financial services that will be given to Florida corporations. The money will allow these corporations to pay for state fees directly to the state's account via the department of State; and $500,000 allocated to help develop more blockchain-based solutions for the state and her citizens and residents.
The $500,000 will help develop blockchain-based solutions to monitor vehicle records, verify Medicaid transactions and help in detecting possible frauds in the government.
This move will enable the state of Florida to become one of the leading states in the United States in the digital currency-based economy, thereby attracting more cryptocurrency- based businesses. With more acceptability, more businesses will move to Florida, and more job opportunities for citizens and residents.
The second proposal opens the way for other blockchain-based solutions in the state. With Medicaid records stored on blockchain's smart contract, there will be more transparency in the system, which in turn will lead to more people benefiting from Medicaid and other government-funded healthcare solutions.
Also, the plethora of opportunities this opens up to developers in Florida is massive!
This move assures blockchain developers that whatever creative and efficient solutions they have will be accepted and encouraged by the government. With a move like this, there is sure to be an explosion of blockchain-based solutions to most of the issues bedeviling the state.
Also, the proposal for a $500,000 allocation will serve as a boost to young people in the state of Florida and its cities. It was reported that the City of Miami had plans to introduce blockchain technology in its high school curriculum. The move further strengthens the call and boosts the interest of young people in blockchain technology.
CAN MIAMI BECOME THE WORLD'S BITCOIN CAPITAL WITH A MOVE AS THIS?
The latest move by the State of Florida and Governor Ron DeSantis is a big boost for the City of Miami, who plan to become the world's bitcoin centre. The city has been working tirelessly to establish itself as a progressive city, one that's committed to bitcoin and blockchain development.
Miami was quick to accept the creation of MiamiCoin, a coin that will help the city have cryptocurrency in its official government. The idea of Miamicoins was brought up by CityCoins, a company dedicated to enriching and rewarding cities with cryptocurrencies developed in the city's name.
With the adoption of Miamicoin, bitcoin Miami led the way for these types of projects.
Miamicoin will also help enrich citizens as the government plans to, in addition to distributing some Miamicoins to citizens, use these coins in developing the city and encourage more cryptocurrency adoption in the city.
Miami was also the first city to announce that it'll give bitcoin to all its citizens with a cryptocurrency wallet. This move by the city sparked a lot of applause from cryptocurrency enthusiasts and developers all over the world.
So, for a city where the mayor agreed to receive part of his salary in bitcoin, a move such as the one the State of Florida is taking, is exciting news for them. With the state government now accepting cryptocurrency for government fees, the City of Miami and other cryptocurrency enthusiasts will be hopeful that the state creates its own cryptocurrency.
The City of Miami's dream of becoming the world's center for cryptocurrency might not be a dream anymore. If the budget proposal pulls through, and other plans the city has come to fruition, the world might have to turn to Miami for lessons on how to evolve to a solely digital assets-powered economy.
While there is still so much to be done (the never-ending battles between the Securities and Exchange Commissions and bitcoin ETFs leaves much to be desired), the future of cryptocurrency looks brighter with each passing day.
Yes, the news in the cryptocurrency space in recent weeks hasn't been positive. But given how much dominance bitcoin is losing, and how altcoins such as Ethereum and Solana are favorably competing with bitcoin in the cryptocurrency marketplace, the signs look promising for digital assets and blockchain technology.
The world might have to wait for another decade before cryptocurrency becomes a mainstay currency and adopted in countries around the world, but the signs are more than encouraging, the fall in cryptocurrency's market cap nonetheless.
