Florida May Adopt Gold as a Payment Method Under New Bill HB 999

Governor Ron DeSantis of Florida is poised to sign House Bill 999, which proposes recognizing gold and silver coins as lawful currency within the state and eliminating sales tax on their use in commerce.

The legislation passed its first reading in the House and was amended in the Senate before being sent back for final approval. HB 999 would provide a tax exemption for the trade and exchange of gold and silver coins, specifically those valued based on their bullion content, aiming to position Florida as a more resilient monetary jurisdiction.

The legislation would also designate gold and silver coins as legally accepted forms of debt settlement within state borders. Moreover, it imposes accountability standards on custodial institutions managing precious metals. These entities are required to implement robust asset protection protocols, maintain transparent operational records, and prepare segregated financial disclosures pertaining to gold and silver dealings.

The initiative’s proponents believe that turning to hard currency could empower Floridians to safeguard their savings, reduce exposure to fiat volatility, and hedge against inflation. It’s a quiet reentry of commodity money into the economic bloodstream. Still, the bill imposes no obligation: companies and state institutions would be free to accept gold or silver coins, but under no legal compulsion to do so.

I think the bill takes a very measured approach,

expresses Republican Sen. Ana Maria Rodriguez, the bill’s sponsor.

Still, not all lawmakers were convinced. Senator Lori Berman, a Democrat, raised concerns over the bill’s shaky economic underpinnings and flagged the risk of fraud in metal-related transactions. She stopped short of opposing it outright. Her colleague, Tracie Davis, cited expert assessments suggesting that the proposal may be too unwieldy for smooth integration into existing business systems.

Check this out: Ethereum vs Bitcoin: Key Differences Explained

While some legislators are turning their gaze toward the future — toward digital assets and CBDCs — their unpredictability and unclear legal status have left many wary. These uncertainties have reopened the door to older forms of money, once written off. It’s no coincidence: Ron DeSantis himself once denounced the idea of a central bank digital currency in no uncertain terms.

Designating gold and silver as official payment methods could serve as a critical step in strengthening Florida’s financial system and protecting individual savings from inflationary pressure. The House of Representatives is expected to vote in the coming days, with the bill proceeding immediately to the governor for signature if approved.