Precious metals are now a legal form of payment in the state of Texas. But, why?
What’s happening:
- Texas Governor Greg Abbott has officially signed House Bill 1056 into law which makes physical gold and silver a legal tender within the state of Texas
Why it matters:
- Texas is now the first state ever to legally allow gold and silver to be used as a monetary payment
Going deeper:
- The value of gold and silver will be set and regulated by the Texas Comptroller and the Texas Bullion Depository will facilitate the storage of precious metals within the state
- Texas has been rapidly passing through new policy focused on reshaping the monetary system within the state, including becoming the third state in America to sign a new law to form a Strategic Bitcoin Reserve to begin accumulating Bitcoin with public funds
The fine print:
- Businesses within Texas are not legally required to begin accepting gold and silver as a method of payment and it is unclear how many companies will ultimately allow for purchases to be completed through precious metals
