Residents of Texas are expressing doubts about a new law that designates gold and silver as legal tender. Governor Greg Abbott announced the signing of House Bill 1056, which will take effect on May 1, 2027. This law allows the use of precious metals for everyday transactions based on their value determined by the state comptroller. Abbott referenced a constitutional clause that permits states to use only gold and silver for debt payments, but the law does not ban the use of Federal Reserve notes. It also does not mandate acceptance of gold or silver for debts. Alongside this, Abbott approved legislation for a state Bitcoin reserve. While some states recognize precious metals as legal tender, they do not require businesses to accept them. Concerns have been raised about the authenticity of gold and silver coins, with some residents questioning the practicality of such a system. The U.S. has not operated on a gold standard for domestic transactions since 1933. Read more AI-generated news on: https://app.chaingpt.org/news

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