Some Texas residents have already expressed doubt about a recently passed law that recognizes gold and silver as legal soft in the state, as well as “establishing a transactional currency” based on precious metals.
In a week x post, Texas governor Greg Abbott announced He signed House Bill 1056 in law after passing the State House of Representative and Senate. The bill, expected to take effect on May 1, 2027, Amends State government code to recognize gold and silver as legal soft and for residents to use in sunny transactions based on the comptroller’s specified amount at that time.
Abbott cited a US Constitution clause saying that there was no state to “do anything but the gold and silver coins were a soft repayment of debts,” even if the law would not prohibit the Federal Reserve notes or other US currency for use as legal soft in Texas. The law will also not require any person to receive gold or silver “for repaying a debt, for deposit, or for any other purpose.”
Under the Governor of Texas and Legislature led by the Republican, the US state government has advanced along with some bills that suggest the adoption of cryptocurrencies such as Bitcoin (Btc). On the same day he signed House Bill 1056 in law, Abbott Approved law for creation of a strategic BTC reserve.
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From gold to paper, back to gold?
The United States has turned off the gold standard for daily domestic transactions Since 1933When President Franklin D. Roosevelt signed an executive command that requires people to return “gold coins, gold bullions, and gold certificates” in the Federal Reserve. Although individual states such as Texas are exploring the adoption of various owners, they are prohibited from the release of notes and coins under the Constitution.
News outlets have suggested that “establishing a transactional currency” may allow Texas to identify digital currency that -gold or silver -legged as legal softness. Some residents, however, asked the legislature’s earlier attempts to pass similar laws, citing concerns for retailers.
“How can retail protect themselves and ensure that gold or silver coins are real and not a fake?” Says The REDDIT’s the_Shootist user in response to a suggested 2015 bill, adding: “It looks like there are many moving parts here that need to be accounted for to make it alive.”
https://www.youtube.com/watch?v=xtM8WI23MH0
Many US states have identified precious metals such as gold as legal soft, but do not require retailers to accept them as payment. Businesses in some states receive gold notes called “goldbacks” as payment, even though they do not qualify as a legal soft -supported state or federal government.
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