Governor Ron DeSantis signed a bill Tuesday to recognize gold and silver as legal tender in Florida, paving the way for their use in financial exchanges.

"You're going to be able to conduct transactions in these precious metals", he said at a press conference in Apopka.

The HB 999 bill begins the process of allowing public or private entities, such as businesses, to voluntarily accept gold and silver as a means of debt payment.

"That means these precious metals can start functioning like real currency again, not just investment vehicles for the wealthy", said DeSantis, noting that the price of gold has "gone up, big time” and predicting that this trend would continue in a context marked by concerns around the US credit rating and tensions on the bond market.

“So it’s not just an investment. It’ll be something that you’re going to be able to use. And it’s something that is very likely to hold its value. Certainly compared to fiat currency,” he remarked.

The bill includes tax exemptions on the purchase and sale of gold or silver, provided these metals meet certain purity requirements or the transaction exceeds $500.

HB 999 is set to go into effect on July 1, 2026, if the Florida Legislature ratifies the rules to implement the bill before then.

State Rep. Bill Bankson from Apopka explained that the goal is to “eliminate the tax burden and make gold and silver a functional means of transaction between willing parties".

For his part, Governor Ron DeSantis said the initiative was also about ensuring the state's financial sovereignty: "Florida stands firmly for freedom, economic self-determination, and resistance to government overreach. But for too long, outdated regulations and unnecessary sales taxes have made it impractical for Floridians to enter the gold and silver market".

 

 

Eleven US states, including Utah, Louisiana, Texas and South Carolina, already recognize gold and silver as legal tender.

For DeSantis, this bill is the latest in a series of measures against initiatives such as the introduction of Central Bank Digital Currency or the application of ESG criteria.

“The same people that pushed these bad policies wouldn’t want you doing gold and silver,” DeSantis said, as precious metals offer independence from “fiat currency” devalued by a federal government dedicated to to “borrowing and spending.”

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