North India Statesman
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News India Live, Digital Desk, Gold Legal Tender: The Florida government has signed a bill that will allow gold and silver as a valid currency for daily transactions. This law will give money service businesses the right to accept gold and silver coins as payment.
Florida CS/HB 999 Law
Florida Governor Ron Desantis on Tuesday signed the CS/HB 999 and enacted it. With the move, Florida has become the first major state in the US to recognize gold and silver as a valid currency for regular transactions.
Gold transaction in Florida
Speaking during a press conference, Desantis said, “We are the first big states to do this work.” Desantis stated that this law would allow money service businesses, such as paypal and check cashers to send and receive payment to precious metals. “This is completely different from the Constitution of the United States. This law will give the right to accept gold and silver coins that meet specific purity standards,” he said.
Law supports anti-inflation assets
According to desntis, this law supports anti-inflation assets. In a post on X, Desantis said, “HB 999 will provide more equipment to the Floridans to protect more financial freedom and their hard-earned funds. In addition, this law supports anti-inflation assets, so the property of the Floridans is not subject to the desire to spend widespread of our federal government.”
Sales tax exemption
Under the Bill, gold and silver coins that meet certain purity requirements will be accepted as a valid currency and will not be sold on them. The move aims to adopt precious metals as a functional currency in everyday transactions.
Centralized money control
Desantis introduced the bill as part of his major initiative to challenge the Centralized Authority on financial transactions.
Laws related to gold and silver
Desantis said, “This law ensures that gold and silver can again start working like a real currency – not only the means of investment for the rich.”
