AUSTIN, Texas – Governor Greg Abbott has signed a new law making gold and silver legal tender in Texas. Although it sounds like an old western movie, it is a serious bet on alternatives to the dollar in times of inflation and economic concern.
What is it about?
The
House Bill 1056 law, promoted by Republican Representative Mark Dorazio, allows Texans to use gold and silver to pay for goods and services, as long as both parties agree.
It’s not about taking coins or ingots to the store. The system will be managed by the
Texas Bullion Depository, where users can store precious metals and pay with their value through an app or debit card, which converts that value to dollars at the time of purchase.
What about the dollar?
The dollar remains the main currency. However, this law promotes an alternative path to the traditional financial system, different even from cryptocurrencies, as it is based on
physical assets backed by the State.
Why does Texas do it?
- To reduce reliance on fiat money.
- As a response to inflation and economic uncertainty.
- To offer more financial options.
- For a conservative vision of economic sovereignty.
Texas was already a pioneer in creating the first state depository of precious metals in the U.S. Now, it takes a further step by allowing its direct use in everyday transactions.
Is it working yet?
Not yet. The law has already been signed, but the technical system —including app and cards— is still under development. Announcements are expected in the coming months.
Should I do something?
It is not necessary to exchange gold for money now. But if you are interested, you can investigate how to open an account at the Texas Bullion Depository.
