Florida has been known for its political battles and more recently the incidents of the zika virus which plagued the state. In terms of its financial condition the state has rarely deviated from tradition forms of currency as talked about in our previous article. The incident where Bitcoin was deemed not a currency led to court cases being thrown out. However that comes as a part of history now as the state looks to change its fortunes under the leadership of Senator Dorothy Hukill. The female senator officially announced that she is drafting the bill to enable official recognition of the Bitcoin currency around the state.
I think you have to recognize it at some level, so you can legislate and protect your constituents. Then you have to figure out what you recognize it as and how you regulate it.”
It is extremely important for official recognition of the currency in legal terms. Not only could the bill encourage the development of Bitcoin infrastructure, developers too will be able to find practical implications of crypto knowing they are legal and fully licensed. The efforts have been replicated and seen in a number of other states such as California which have passed a bill to regulate the Bitcoin markets.
“It’s not everywhere, but more and more I see companies accept Bitcoin,” she said. “So I think people will start to say, what is that? How can I use it?”
To conclude Dorothy Hukill’s proposition may change the face of Bitcoin in America. Past efforts including the bitlicence have become extremely restrictive preventing the growth of Bitcoin backed operations in New York. This is at odds with the future Dorothy Hukill sees for the coin in Florida as the hopes the bill will allow the markets to thrive.