Texas passed a law recognizing gold and silver as legal tender, allowing for transactions in precious metals
From Cointelegraph
June 30, 2025 1:18:00 pm:
Texas residents are skeptical about a new law recognizing gold and silver as legal tender, allowing for a transactional currency based on precious metals. Governor Abbott signed House Bill 1056 into law, amending the state government code to take effect on May 1, 2027, recognizing gold and silver for everyday transactions.
Abbott referenced the US Constitution to justify the law, stating that Texas would still allow Federal Reserve notes and other US currency as legal tender. The law does not mandate the acceptance of gold or silver for debts or deposits. Additionally, Abbott approved legislation for a state strategic Bitcoin reserve on the same day.
The US has been off the gold standard for daily transactions since 1933, but individual states like Texas have been exploring the adoption of different assets for legal tender. News outlets suggest Texas could recognize digital currency backed by gold or silver. Some residents express concerns about authenticity and viability for retailers accepting precious metals.
Several US states recognize gold as legal tender, but retailers are not required to accept it as payment. Businesses in certain states accept gold notes called “Goldbacks,” but they are not considered legal tender backed by the state or federal government.
Read more at Cointelegraph: Texas Makes Gold, Silver Legal Tender Following Governor’s Approval