Photo: Kevork Djansezian / Getty Images News / Getty Images
This summer Floridians will be able to use gold and silver as legal tender for everyday transactions.
The new law requires businesses and financial institutions to accept gold and silver as legal payment for everyday transactions as of July 1st.
The House Insurance and Banking Subcommittee advancing a bill, HB-1311, ratifying the rules for the use of gold and silver to pay debts free from sales tax. Bill sponsor Rep. Doug Bankson says the precious metals can be used via an electronic transaction or with coins clearly stamped with their weight and purity.
Previously, precious metal commodities used for commerce were subject to a capital gains tax. The new gold and silver currencies are not taxed and offer an alternative to the potentially vulnerable US dollar.
The Florida Bankers Association also green-lighted the bill.