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Florida’s Chief Financial Officer (CFO) Jimmy Patronis has announced an ambitious initiative to assess the viability of using gold and silver bullion as legal tender in the Sunshine State.
Florida’s Golden Shield: Fighting Inflation and CBDCs With Precious Metals
According to the state’s CFO, Jimmy Patronis, the study, led by the Florida Department of Financial Services (FLDFS), represents a significant step toward diversifying currency options and safeguarding Floridians from economic uncertainties, including inflation and potential central bank digital currency (CBDC) implementations.
Currently limited to investment purposes, gold and silver bullion may soon expand their role in Florida’s economy. Patronis emphasized the historical reliability of these metals, stating, “Gold and silver have been trusted assets for thousands of years, and it makes perfect sense to use them as legal tender. I’m launching this study to determine the best way to get it done”.
If implemented, the proposal could establish a tax-exempt framework for transactions involving bullion. Key elements include exemptions from property taxation and the elimination of tax liabilities on the exchange of bullion for other legal tenders. These measures aim to encourage broader use without imposing additional financial burdens on residents.
The initiative comes amid growing concerns about inflation and monetary policy. Patronis pointed to the “Biden-Harris inflation nightmare” and the risks posed by centralized digital currencies as catalysts for exploring alternatives. “Families and businesses don’t need higher taxes; they need innovative solutions to help them grow,” he stated, highlighting the role of currency competition in promoting economic stability.
Gold and silver’s resistance to devaluation during inflationary periods underpins the study’s focus. By offering an alternative to Federal Reserve notes, these metals could enhance financial security for Floridians while fostering a robust market free from centralized manipulation.
The study will also explore the historical precedent of gold and silver as money, their regulatory implications, and their potential integration into modern financial systems. This includes examining private attempts to establish bullion-backed digital currencies and considering their role in state and local transactions.
Patronis envisions this initiative as a proactive measure against financial overreach. “Using gold and silver as money could also create a healthy currency competition that would serve to reduce the harmful effects of any future CBDC,” he explained. The effort aligns with free-market principles, prioritizing individual choice and market-driven solutions over centralized control.
As the study progresses, its findings could pave the way for Florida to become a leader in monetary innovation. By leveraging the enduring value of gold and silver, the state aims to fortify its financial ecosystem while promoting freedom and economic resilience.