Some Texas residents have expressed doubts about the recently passed law that recognizes that the state’s gold and silver are fiat currencies, as well as “building transaction currencies” based on precious metals.
Texas Governor Greg Abbott in Sunday X Post Announce He has signed the House Bill of 1056 after the passage of the State Capitol and the Senate. The bill is expected to come into effect on May 1, 2027 Revise The state government regulations recognize gold and silver as fiat currencies and allow residents to use them in daily transactions based on the determined value of the then Comptroller.
Abbott enumerates a provision of the U.S. Constitution that says no state “except gold and silver coins to pay for payment”, although the law does not prohibit Fed notes or other U.S. currencies as legal tenders in Texas. Nor is the law required anyone to accept gold or silver “for debt payments, deposits or for any other purpose.”
Under the leadership of the governor of Texas and the Republican-led legislature, the U.S. state government has proposed some bills to adopt cryptocurrencies such as Bitcoin (BTC). On the same day, he signed the House Bill of 1056, Yape Approved legislation National strategic BTC reserves.
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From gold to paper, back to gold?
The United States no longer meets the gold standard for daily domestic transactions Since 1933When President Franklin D., although individual countries like Texas have been exploring the adoption of different assets, was banned from issuing notes and coins under the Constitution.
News media have suggestion “Creating a transaction currency” can make the State of Quasius recognize gold or silver as a supported digital currency as fiat currency. However, some residents questioned the legislature’s previous attempts to pass similar legislation, citing concerns from retailers.
“How will retailers protect themselves and be able to ensure that gold or silver coins are real rather than fake?” explain reddit user the_-shootist responded to the proposed 2015 bill, adding: “There seems to be a lot of moving parts that need to be taken into account.”
https://www.youtube.com/watch?v=XTM8WI23MH0
Several U.S. states have recognized precious metals such as gold as fiat currencies, but retailers do not need to accept them as payments. Businesses in some states have always accepted gold notes called “Goldbacks” as payments, although they do not have the statutory bidding qualifications supported by the state or federal government.
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