Texas Governor Greg Abbott has signed House Bill 1056 into law, establishing gold and silver as state-recognized legal tender effective May 1, 2027. This legislation permits residents to utilize physical gold and silver coins and bullion for transactions, though businesses retain the right to refuse such payments.
The move forms part of Texas’ broader strategy to diversify monetary assets, synchronizing with its existing Bitcoin reserve initiatives. Lawmakers leveraged constitutional provisions allowing states to designate precious metals for debt settlements, positioning Texas at the forefront of integrating traditional and digital asset frameworks.
Despite the landmark status, practical implementation concerns linger among some Texans regarding the feasibility of conducting daily transactions with physical metals. Officials framed the legislation as expanding financial freedom while reinforcing Texas’ commitment to alternative monetary systems.