Your Gold Coins Might Soon Buy Groceries in Florida

Floridians may soon have a new way to pay for goods and services — using gold and silver. Chief Financial Officer Jimmy Patronis announced a bold new initiative on Wednesday, launching a study to explore how gold and silver bullion could be recognized as legal tender in the state.

The move is part of a larger effort to provide Floridians with an alternative currency amidst concerns over inflation, the devaluation of the U.S. dollar, and the potential risks associated with Central Bank Digital Currencies (CBDCs). If implemented, the plan would mark a significant shift in the state’s financial landscape.

“Gold and silver have been trusted assets for thousands of years,” Patronis said. “This is an exciting initiative that has the potential for enormous growth in our state.”

The study, to be conducted by the Florida Department of Financial Services, will examine how gold and silver bullion — in forms such as bars, coins, and ingots — could function as a viable currency in Florida. This includes looking into potential tax exemptions and legal frameworks to support their use.

Under the proposed parameters, gold and silver bullion would not be taxed as personal property. Transactions involving the purchase, sale, or exchange of gold and silver would be exempt from state taxes, and exchanging bullion for goods, services, or other forms of legal tender would not incur additional tax liabilities.

The study will also evaluate how gold and silver could be used to pay private debts, state fees, and even taxes. Additionally, it will explore the potential for digital currencies backed by physical gold and silver.

Patronis framed the initiative as a way to safeguard Floridians from economic instability. Inflation has driven up the cost of living, eroding the purchasing power of the dollar. Meanwhile, emerging technologies like CBDCs have raised concerns about privacy and government overreach.
“Families and businesses don’t need higher taxes,” Patronis said, referencing what he called the “Biden-Harris inflation nightmare.” He added that using gold and silver as legal tender would create competition in currency, providing Floridians with a hedge against economic volatility.

Experts note that gold and silver historically gain value during periods of inflation, making them an attractive option for wealth preservation. The study will consider changes to existing regulations to make gold and silver transactional in Florida. It will also delve into the history of precious metals as currency in the United States and examine how other states have implemented similar measures.

Depending on the findings, Florida could become one of the few states to recognize gold and silver as legal tender, setting the stage for a potential shift away from reliance on Federal Reserve notes.
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As Florida positions itself at the forefront of financial innovation, the outcome of the study could determine whether Floridians will soon be able to carry gold coins in their wallets alongside cash and credit cards.