Florida State Government Ponders Appointing a Cryptocurrency Official

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The Chief Financial Officer of the Sunshine State has introduced a Cryptocurrency Oversight Initiative that would appoint an official to handle matters related to blockchain monetary tokens. Florida CFO Jimmy Patronis believes that the state’s various tech hubs are moving quickly in the direction of blockchain development, which merits involvement from financial regulators.

The Florida Senate has already indicated support for the initiative, which means that CFO Patronis will likely move to appoint an interim team to start looking at how Bitcoin and other digital currencies fit within Florida’s statutes and regulations. This also means that Initial Coin Offerings, which have run into controversy in other states, will have to register with the Florida Office of Financial Regulation.

The financial technology scene in Florida has expanded considerably in recent years, which means that digital currency development cannot be far behind. CFO Patronis stated that the first order of business would consist of regulation and enforcement, particularly at a time when companies in Miami have issued aggressive ICOs that target investors from out of state.

Aside from enforcement and regulatory action, CFO Patronis did not discard the possibility of Florida implementing blockchain technology in some of the state’s financial operations such as bonds and other securities. At least one county in Florida has started accepting cryptocurrencies: at the Seminole County Tax Collector’s office, residents can use Bitcoin to pay for the license plates and property taxes.

The Advantage of Digital Currency Regulation

While cryptocurrency regulation is uncertain at the federal level in the United States, things are looking better in state jurisdictions. As of mid-2018, the state with the most progressive legislation on digital currency matters was Wyoming; however, both California and New York are quickly catching up. Ironically, the tech-friendly state of Washington is not very friendly towards cryptocurrency startups, which are required to post considerable cash reserves in order to conduct operations within the jurisdiction.

What blockchain developers are truly after these days is the ability to stimulate circulation for their monetary tokens, and one of the easiest ways of doing so is by means of point-of-sale transactions. Invariably, getting POS approval is something that will require financial oversight at the state level; to this effect, the easiest path towards approval will be in the jurisdictions that have enacted cryptocurrency laws.
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