According to a recent article on Invezz.com, 23 US states have taken steps to recognize gold and silver as legal tender. The move comes as a response to concerns about the stability of the US dollar and increasing inflation rates.
As the article notes, “Proponents of the legislation argue that gold and silver are more stable forms of currency, as their value is not subject to the same fluctuations as fiat currency.”
The article also reports that Arizona, Wyoming, and Texas are among the states that have introduced legislation to recognize gold and silver coins as legal tender.
In Arizona, the state Senate has passed a bill that recognizes gold and silver coins minted by the US government as legal tender, and removes state capital gains taxes on the exchange of precious metals. Wyoming has introduced a similar bill, which would also allow for the creation of a depository to hold precious metals for use in transactions. Texas has introduced legislation that would recognize gold and silver coins as legal tender and create a depository to allow citizens to store their precious metals in a secure facility.
Despite concerns about the practicality of using precious metals as currency, the trend towards recognizing gold and silver as legal tender quotes appears to be growing.
The author continued, “It remains to be seen whether other states will follow suit, but the trend towards using precious metals as an alternative to fiat currency appears to be growing.”
It’s clear that this shift in the way US states view currency has the potential to have far-reaching implications. As the article concludes, “Only time will tell whether gold and silver will become a more widely recognized form of legal tender, but for now, it seems that a growing number of US states are taking steps towards recognizing precious metals as a legitimate form of currency.”
Source: https://invezz.com/news/2023/04/07/23-us-states-move-to-reclaim-gold-and-silver-as-legal-tender/