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.
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