Florida growth in use of cryptocurrency prompts warning from Patronis

A notification from Jimmy Patronis, Florida’s chief financial officer, announced the Securities and Exchange Commission (SEC) recently appointed Valerie Szczepanik as its new “cryptocurrency chief,” a first-of-its kind position. Patronis has directed his staff to discuss with her how to protect consumers in the state with cryptocurrency growing in Florida. The Seminole County Tax Collector […]

A notification from Jimmy Patronis, Florida’s chief financial officer, announced the Securities and Exchange Commission (SEC) recently appointed Valerie Szczepanik as its new “cryptocurrency chief,” a first-of-its kind position. Patronis has directed his staff to discuss with her how to protect consumers in the state with cryptocurrency growing in Florida.

The Seminole County Tax Collector now accepts bitcoin and bitcoin cash to pay for property taxes, driver license and ID card fees, tags and titles. Tampa/St. Petersburg was ranked seventh in the Top 10 bitcoin-friendly cities in 2016, and Miami/Ft. Lauderdale was ranked eighth. There are more than 160 Bitcoin ATMs across Florida; and an entirely Bitcoin real estate transaction in Miami took place in December 2017.

“It’s important for Floridians to fully understand what they are getting into before they make any investment, and that includes cryptocurrency,” Patronis wrote. “Always do your homework before making an investment; understand that cryptocurrency values can be unstable; cryptocurrency can be stolen; and cryptocurrency transactions can be taxed.”

“I encourage everyone to do some research on what exactly cryptocurrency is and how it is being used in the world today. With new technology come new ways for you to be defrauded and it’s my goal to ensure you’re protected.”

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