The proposed bill establishes gold and silver specie as legal tender in Florida by creating a new section, 215.986, in the Florida Statutes. It defines key terms related to bullion, specie, and precious metals-backed electronic payment systems, and specifies that specie legal tender is recognized as legal tender for the payment of debts. The bill prohibits the characterization of specie or specie legal tender as personal property for taxation and regulatory purposes, ensuring that transactions involving the purchase, sale, or exchange of specie do not incur state tax liability. Additionally, it prohibits individuals from compelling others to accept specie as legal tender unless consented to by the governmental entity involved.

Furthermore, the bill authorizes governmental entities to accept specie legal tender for certain payments, provided they have the regulatory authority to do so. It mandates the Chief Financial Officer to adopt rules regarding the operation of vendors and bullion depositories, including provisions for insurance of deposits and security measures for the storage of bullion and specie. The act is set to take effect on July 1, 2025.