Texas Governor Greg Abbott has signed into law a bill (House Bill 1056) that allows residents to use gold and silver as legal tender for everyday financial transactions starting May 1, 2027. The law recognizes the constitutional right of states to make precious metals legal tender without impeding the use of Federal Reserve notes. While it allows for gold and silver to be used in transactions, it does not mandate that retailers must accept them. Some residents have expressed skepticism regarding the practicality of accepting these metals, particularly concerning authentication and the potential for counterfeiting. Nevertheless, the law supports the exploration of asset alternatives, including possible digital currencies backed by gold or silver, as other states also recognize precious metals without requiring retailers to accept them. The ongoing legislative interest in cryptocurrencies, including proposals for a state strategic Bitcoin reserve, reflects a growing trend among states to explore alternative currencies and store of value, further indicating a shift away from traditional monetary systems in certain jurisdictions.

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