Certain residents of Texas already express skepticism as to a law recently adopted in recognition of gold and silver as a legal aspect in the State, as well as “the establishment of a transactional currency” based on precious metals.
In a Sunday X position, the Governor of Texas, Greg Abbott, announced that he had signed the bill of Chamber 1056 after the adoption in the House of State Representatives and the Senate. The bill, which should take effect on May 1, 2027, modifies the State Government Code to recognize gold and money as a call for tenders and residents use them in daily transactions according to the determined value of the controller at the time.
Abbott cited a clause of the American Constitution indicating that no state should “make gold and gold silver, a call for tenders in debt”, although the law does not prohibit tickets from the federal reserve or any other American currency for use as a tender in Texas. The law would also not require anyone whether they accept gold or money “for the payment of a debt, deposit or other purposes”.
Under the legislature led by the Governor of Texas and led by the Republicans, the government of the US State has progressed with certain bills proposing the adoption of cryptocurrencies such as Bitcoin (BTC). On the same day, he signed Bill 1056 of the Chamber, Abbott approved the legislation for the creation of a strategic BTC of the State.
In relation: The $ 3,3660 gold rally is beneficial for Bitcoin: this is why
From gold to paper, back to gold?
The United States has been out of the calibration of gold for daily interior transactions since 1933, when President Franklin D. Roosevelt signed an executive decree forcing people to return “golden core, gold bars and gold certificates” in the federal reserve. Although individual states like Texas have explored the adoption of different assets, they cannot issue tickets and documents under the Constitution.
The media have suggested that “the establishment of a transactional currency” could allow Texas to recognize the digital currency supported by gold or silver as a tender. Certain residents, however, have questioned the previous attempts of the legislator to adopt similar legislation, invoking concerns for retailers.
“How will the retailer protect himself and be able to make sure that the gold or silver piece is authentic and not counterfeit?” said the user of Reddit The_Shootist in response to a 2015 bill, adding: “It seems that many mobile documents here which should be taken into account to make this viable.”
https://www.youtube.com/watch?v=xtM8Wi23mh0
Several American states already recognize precious metals such as gold such as a legal plan, but do not require that retailers accept them as payment. Companies of certain states have accepted golden tickets called “goldbacks” as payment, although they are not eligible as a legal figure supported by the state or the federal government.
Review: Arthur Hayes does not care when his Bitcoin predictions are completely wrong
