The governor of the southern state signed a law that makes both metals legal tender, even in everyday transactions
Compartir:
The governor of Texas, Greg Abbott, has signed a new law that officially recognizes gold and silver as legal tender in the state, opening the door for their use in everyday transactions. The legislation, known as House Bill 1056, was approved by the state House of Representatives and Senate, and will take effect on May 1, 2027.
The new regulation amends the Texas government code to allow residents to use gold and silver as means of payment, as long as their market value is determined at the time of the transaction, under the supervision of the state comptroller.
Nevertheless, the law doesn't require anyone to accept these metals as a form of payment, nor does it replace the United States dollar, which will continue to be legal tender in the state.
Governor Abbott justified the measure by citing a clause in the United States Constitution that states that no state shall "make anything but gold and silver coin a tender in payment of debts."
La normativa entrará en vigor en 2027 y habilitará a los metales a ser utilizados en transacciones cotidianas
However, the practical application of this law has raised questions among some residents and analysts, who point out possible logistical, authenticity, and acceptance issues by businesses during the so-called "learning curve."
One of the main concerns is how retailers could guarantee the authenticity of gold and silver coins received as payment.
Despite these concerns, the legislation is part of a broader trend in Texas toward diversifying means of payment. On the same day, Abbott also signed a law that establishes a state strategic reserve of Bitcoin, strengthening the state's position as one of the leaders in initiatives related to digital and decentralized assets.
Adicionalmente se establece la creación de una reserva estratégica en Bitcoin a nivel estatal
It is worth remembering that the United States abandoned the gold standard for domestic transactions in 1933 under President Franklin D. Roosevelt, and since then the United States dollar has not been backed by precious metals.
Although some states already recognize gold and silver as legal forms of payment, their acceptance has been symbolic or limited, without legal obligation for merchants.
Texas, with its legislature led by the Republican Party, seeks to position itself as a benchmark in alternatives to the traditional monetary system. Some experts speculate that the phrase "establishment of a transactional currency" within the law could pave the way for the issuance of a gold- or silver-backed digital currency, although this has not yet been officially confirmed.
Abbott respaldó la legislación mediante una cláusula de la Constitución de los Estados Unidos
