The new law, passed unanimously by lawmakers in both chambers, aims to create a system that citizens can use to transact with gold and silver.
APOKA, Fla.—Florida Gov. Ron DeSantis signed “transactional gold” legislation on Wednesday, aiming to help Floridians use precious metals in commerce and savings to protect their purchasing power from inflation.
The move can also protect the freedom and privacy of citizens if federal policymakers were to ever revisit Biden-era plans for tools such as a central bank digital currency, the governor said. Those federal proposals were among the key reasons this sort of state policy was pursued in the first place, he said.
The new law, passed unanimously by lawmakers in both chambers, aims to create a system that citizens can use to buy, store, sell, save, and transact with gold and silver.
It creates a framework for precious metals to become a part of everyday commerce, with backing and authorization from the state.
Eventually, the law will pave the way for consumers to use a debit card-style card or app to pay for everyday needs with precious metals held in a depository. Merchants, though, could choose to be paid in dollars if they prefer.
The metals are now considered “legal tender” under state law, too, making them exempt from state sales taxes.
“We have the ability to do this under the federal constitution,” DeSantis said at a signing ceremony including lawmakers, political leaders, supporters, and media.
Like other proponents of the measure, he pointed to Article I, Section 10, of the U.S. Constitution. It says no state shall “make any Thing but gold and silver Coin a Tender in Payment of Debts.”
As The Epoch Times documented in an in-depth article about transactional gold bills earlier this month, several other states, including Arkansas and Missouri, have passed similar legislation this year. Texas and other states are pursuing the measures as well.
“We are the first large state to step up and to get this done,” the governor said. “And this is right out of the Constitution of the United States.”
The legislation, he said, will authorize money-services businesses like check cashers or PayPal to transmit and accept payment in gold and silver.
“That means these precious metals can start functioning like real currency again, not just investment vehicles for the wealthy,” DeSantis said.
The measure helps Florida become the “gold standard” for “economic freedom and opportunity,” the chief sponsor of the bill, State Rep. Doug Bankson (R-District 39), told The Epoch Times.
By Alex Newman
