Florida as of now, is the first state in the U.S to radically adopt blockchain leveraged technologies to multiple sectors of its economy.
In the announcement of the year 2022 budget for the Florida State, coined “Freedom First Budget”, state governor Ron DeSantis, confirmed that the 2022 budget totaling a sum of $99 billion was developed with allowance for crypto innovation in place.
Florida’s innovative budget caters for a cryptocurrency inspired experimental program that aims to integrate decentralized payment into its payment systems, starting with the medical sector.
This case can be considered a mini imitation of Australia’s plan to launch its Central Bank Decentralized Currency (CBDC) and total overhauling of its financial payment system.
The country earlier this week in statements released by treasurer Josh Frydenberg announced its intention to integrate blockchain leveraged solutions into its financial sector , effectively revamping its financial payment systems.
This is a radical development that though is a bit shocking, is to be expected. With the insane development speed of the crypto industry, there have been gradual adoptions by different governmental bodies worldwide, through different mechanisms. Florida’s trial run is a stellar example of such gradual adaptations, whilst Australia’s overhaul can be considered a more radical side to such varying adoptions.
El-Salvador previously this year, has adopted cryptocurrency as its legal tender, this is another radical development that can be associated to the growth speed and continual relevance of the industry.
The mainstream media has also reported different developments that has seen the cryptocurrency industry’s footprint all over them, some of them include partnership of different international crypto firms aimed at delivering quality services to a range of clients, some of which include a number of governmental bodies.
Over the years the world has been desensitized to the idea of cryptocurrency and it has gradually been accepted by most people. Cryptocurrency, in the form of decentralized currencies is now being considered as the next generation of currencies. Various state governments react to this trend differently, while a majority showcase mixed feelings and are being skeptical, a minority gracefully welcome this change , another minority totally disregard such notions.
Florida, being the first state to plan to realize a semi-radical change in its different sectors, has set a precedent in the United States. Although New York City had announced previously this year from the office of its mayor, that it also intends to integrate cryptocurrencies into some of its systems, it can be argued that such changes won’t be as radical as Florida’s trial run.
Apart from the medical sector, Florida’s proposed payment system will allow corporations to pay their bills and taxes in cryptocurrencies . The program will see decentralized digital systems integrate into the city’s Department of Highway Safety and Motor Vehicle.
This development will establish Florida’s stake in the industry, which furthers its ambition of being a crypto hub in the new cryptocurrency ‘world’.
The state which is widely famous as being a crypto-receptive state’s development path can be considered as part of a major trend that won’t end with it. The move will have a positive economic impact in the state’s financial climate in years to come.