A groundbreaking bill introduced in the Florida Senate aims to establish gold, silver, and electronic currency backed by precious metals as legal tender within the state.
Sponsored by Senator Rodriguez, Senate Bill 132 seeks to redefine financial transactions, taxation, and debt payments by incorporating these alternative forms of currency.
The legislation proposes several key measures:
Definition of Legal Tender:
The bill expands the definition of “legal tender” to include traditional U.S. currency, “specie” (gold or silver coins), bullion, and electronic currencies tied to precious metals.
Tax Exemptions:
Transactions involving gold, silver, or specie—whether purchases, sales, or exchanges—would be exempt from taxes. Similarly, the exchange of one type of legal tender (e.g., U.S. dollars) for another (e.g., gold or electronic currency) would not incur tax liability.
Government Acceptance:
State and local governments could accept gold, silver, and electronic currency for debts, taxes, and fees.
Prohibition on Compulsion:
The bill does not require individuals or businesses to accept these forms of payment unless explicitly stated by law or contract.
Regulatory Framework:
The Florida Chief Financial Officer would develop rules for using specie and electronic currency to settle public debts, taxes, and fees.
If passed, SB 132 would make Florida one of the few states to officially recognize gold, silver, and digital currencies as legal tender. This move aligns with the interests of those advocating for monetary decentralization and those concerned about inflation or fiat currency stability.
Proponents argue that adopting alternative currencies could enhance financial stability and provide citizens with more options. Critics, however, have expressed concerns about implementation challenges, such as ensuring acceptance, establishing infrastructure for digital transactions, and aligning with federal tax laws.
The bill will be reviewed during the legislative session beginning in March 2025. If enacted, Florida would join a growing number of states exploring alternative forms of legal tender to diversify monetary systems and reduce reliance on traditional currencies.
