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Gov. Ron DeSantis (R-FL) signed legislation on Tuesday to start the process of allowing Floridians to pay for goods and services with precious metals such as gold and silver.
A report will be given to the state legislature, which has until November 1, 2025, to ratify the rules. The law would take effect on July 1, 2026.
If ratified, the law would establish precious metals as a legal form of tender, but it specifies that accepting them would be optional, except for check cashers and money service businesses. Any business seeking to accept precious metals as payment must obtain a license.
“That means these precious metals can start functioning like real currency again, not just investment vehicles for the wealthy,” DeSantis said.
Purchases of precious metals will be exempt from sales tax.