Texas Governor Greg Abbott has signed legislation recognizing gold and silver as legal tender in the state, set to take effect in 2027.
New Law on Gold and Silver
The bill, known as House Bill 1056, was signed by Governor Greg Abbott after passing both houses of the Texas legislature. It amends the state government code to recognize gold and silver as legal tender for everyday transactions.
Creation of a Transactional Currency
The law also suggests the establishment of a transactional currency based on precious metals. The key idea is that Texas might recognize a gold or silver-backed digital currency as legal tender. However, it does not require individuals to accept gold or silver for debt payment.
Public Skepticism
Some Texas residents are expressing skepticism about the new law, highlighting concerns regarding the challenges of authenticating coins and the potential for counterfeits. A recent Reddit user raised questions about how retailers could protect themselves from counterfeit coins, indicating concerns about the practical implementation of this initiative.
The law recognizing gold and silver as legal tender in Texas opens new financial opportunities but raises questions and concerns among the public regarding its practical implementation.
