Residents will buy groceries with gold and silver using state-backed debit card by 2027 in Texas

Texas recently passed House Bill 1056 , signed into law by Governor Greg Abbott. The bill: Recognizes gold and silver as legal tender in Texas, giving residents the right—but not the obligation—to use precious metals for everyday purchases via a state-developed system hereaustintx.com +15 chron.com +15 ainvest.com +15 . Authorizes the Texas Comptroller to build or contract an electronic payment platform —like a mobile app or debit card—linked to the state’s bullion depository, where people deposit gold or silver and pay merchants via conversion at point of sale dallasnews.com . Specifies that the law takes effect May 1, 2027 , aligning with the U.S. Constitution’s clause allowing states to use gold and silver as currency, alongside but not replacing U.S. dollars unusualwhales.com +4 cointelegraph.com +4 ainvest.com +4 . Supporters frame the law as a hedge against inflation and a strengthening of financial sovereignty, while critics (like banking groups) warn of logistic...