The $700,000 proposal aims to achieve a crypto-friendly Florida, the budget proposal reads.

Florida has been steadily becoming a major crypto-friendly jurisdiction in the United States, and one of its major cities, Miami, is being actively promoted as the “Bitcoin and Crypto Capital of the World.”

Last month, Miami Mayor Francis Suarez announced that he aims to become the first U.S. congressman to accept bitcoin as part of his salary. The official reportedly owns both Bitcoin and Ethereum.

In September, Miami city commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, which was launched in August by smart contract protocol CityCoins. As of mid-November, MiamiCoin has generated more than $21 million in proceeds, and MiamiCoin will be available to all Miami residents in the form of bitcoin dividends, according to the mayor of Miami.

It would work, until it comes time to pay capital gains taxes on your cashed in crypto-currency. Yes, it's income, but with a bunch more paperwork. Then, crypto value can increase 100 fold. It can also circle the drain and be worth nothing too quickly.

Forget to add it to your income taxes come filing time, the IRS might forgive you if you forgot about it.BUT! They WON'T forget how to penalize you with the interest it accumulates.

I see. Do you think digital currency will replace our paper currency?

I don't think so. So far, digital currency is too easy to hack into. Too many won't deal with anything but cash, including me.

One time, I sold an old boat for a hundred bucks. The dope that bought it talked too much. I happened to pick up just where he lived, but he didn't remember that he said it. Anyway, Like a fool, I let him write me a check for it, it bounced, and he had taken possession of the boat.

Me being the detective, I found that boat in his back yard. (it wasn't hard, I found it and him in about a half hour of driving around in alleys) Was HE shocked to find me at his FRONT DOOR! I gave him a couple hours to find me cash, and I got paid for it.

For thousands of years, people traded on the barter system. Many still do. Bitcoin is too flighty, so are others. Conversion to usable currency costs the person who has it. Those Coin Star vending machines that convert coins into cash, takes 15% of the value from you for just using the lousy thing.

I went to Walmart and spent $36 on a coin sorter. In three uses, it's paid for itself, and my credit union gives me coin wrappers. I'm worth $15 bucks an hour, which is about the amount of time it takes to count out $100.

If digital takes over, it has to be more secure than it is now. I have a Paypal account, but its got a $300 limit on it, That I put on it.Once I went over it. I made advance arrangements for that, and it was only one transaction. I won't do my income taxes online. I still write checks. (Old fashioned me) Eventually, it probably will, but not in my lifetime. (I Hope!)

Thank you for your answer. I think this kind of digital currency is too complicated. I can't buy and hold it. Sex is too risky. I can only make steady progress. Start with mining.

personally, I have no opinion on this, because it is a local issue.
but if I lived in florida, I'ld think it was a waste of taxpayer money. that could be better spent on other things.

Thank you for your comments. Although it has no substantive significance. But thank you very much!