Texas Governor Signs Bill: Gold and Silver Designated as Legal Tender, Beneficial for Bitcoin?

Texas passed the HB 1056 bill, which allows gold and silver to be used for everyday payments from 2027, triggering financial innovation and facing valuation, tax and infrastructure challenges. (Synopsis: Musk impeached Trump: The big beautiful tax law is disgusting; Trump threatens to cut Tesla's lifeblood, Tesla stock price plunges 14%) (Background supplement: Trump boasts: Immigration Gold Card attracts 1.5 millionaires to register overnight, bringing $75 billion to the United States) Texas passed a bill "HB 1056" earlier this week, announcing that gold and silver will be used as "legal tender" for public payment options from 2027, becoming the first large-scale "hard asset monetization" experiment in nearly a century, which may reshape the financial ecology in the state, but also expose implementation difficulties. The core and constitutional basis of the Act HB 1056 clearly states that gold and silver are "legal tender", and debts and daily transactions can be settled in gold and silver, and the price is calculated by the real-time market information published by the state comptroller. At the same time, the dollar is still in circulation, and merchants are not required to accept it compulsorily. In announcing the signing of X, Governor Greg Abbott said: "I signed a law authorizing Texas residents to use gold and silver as legal tender in their daily financial transactions. This fulfills the promise of Article 10 of the United States Constitution. I signed a law authorizing Texans to use gold & silver as legal tender in day-to-day financial transactions. It fulfills the promise of Article 1, Section 10 of the U.S. Constitution. — Greg Abbott (@GregAbbott_TX) June 29, 2025 Operational mechanisms and possible challenges It is understood that the Texas Vault (Texas Bullion Depository) Back-end support will be provided for the new system. Residents can open an account in the vault and pay with the balance of ounces in the account at checkout through a debit card in cooperation with the card issuer, avoiding the embarrassment of "buying coffee with gold bars". Proponents believe that gold and silver have anti-inflation properties, can increase savings tools for people, and are also expected to strengthen Texas' financial innovation brand. After the promulgation of the bill, precious metals, insurance and storage companies also began to evaluate the expansion of sites in Texas. However, there are some challenges: First, the spot price of gold and silver fluctuates sharply, and the retail end needs to dock high-frequency quotations and complete the conversion within seconds. Second, physical gold and silver are involved in authenticity verification and anti-money laundering processes, and the risk of counterfeit currency increases if there is a lack of testing equipment. Third, the tax positioning is unclear. Federal law classifies physical precious metals as "collectibles" and sales can face up to 28% capital gains tax, and without an IRS exemption, the incentive to use would be weakened. Fourth, the willingness of merchants to introduce is limited. One Reddit user said his restaurant "didn't have time to stare at the price of ounces," reflecting concerns about import costs. Finally, the Texas treasury and payment network expansion is still fundraising, estimated at tens of millions of dollars. Is Bitcoin also possible? The passage of "HB 1056" is seen by some as a manifestation of declining confidence in the US dollar; But at the same time, the crypto community also expects Texas to have the opportunity to issue stablecoins with gold and silver as collateral in the future, and even expand the promotion of state-level cryptocurrency reserves. It was previously reported that the governor of Texas officially signed the Bitcoin Reserve Act (SB 21) late June, becoming the third in the United States to have a state-level Bitcoin Reserve Fund. The bill authorizes the Texas Comptroller General's Office to manage this strategic reserve, allowing state funds to be invested in cryptocurrencies with a market capitalization of more than $500 billion for 24 consecutive months. Currently, Bitcoin is the only asset that meets this strict criterion, with a market capitalization of more than $2 trillion. Lee Bratcher, founder and chairman of the Texas Blockchain Council at the time, predicted that Texas would invest tens of millions of dollars in cryptocurrencies. Related reports Musk sprinkles Trump's "Great Beauty Tax Law": Increase the fiscal deficit, waste DOGE efforts 6 Nobel Economic Prize winners "boycott Trump": The Great Beauty Act hits low-income households, and the national debt reform fattenes the rich will collapse Musk repented to Trump: I knew not to post those posts, Loli's remarks were too much [Texas Governor signed bill: gold and silver are listed as legal tender, which is beneficial to Bitcoin? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".