A new law will allow Texans to use gold and silver as legal tender in day-to-day transactions.
House Bill 1056 went into effect on September 1, which “allows for Texans to deposit precious metals with the Texas Bullion Depository in Leander and use it as legal tender,” according to the Texas Scorecard.
According to the law, the comptroller’s office will partner with a debit card provider that will convert any gold and silver deposited into an account into dollar amounts at the point of sale.
State Rep. Mark Dorazio said that the measure “lays the groundwork for Texans to use them electronically in everyday transactions—so that sound money is something you can actually spend, not just something you lock in a safe.”
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