Relating to the use of specie as legal tender

This bill provides that specie, defined in the bill, is legal tender in this state and that a person is not required to accept specie as payment. The bill requires the treasurer of state (treasurer) to establish or contract with one or more bullion depositories for the secure storage of bullion, authorize one or more electronic payment systems to facilitate transactions, and adopt rules to implement the bill. Each bullion depository approved by the treasurer must have a contractual relationship with each electronic payment system that is authorized by the treasurer and must insure each deposit under an insurance policy for the full replacement of the deposit. A deposit made in a bullion depository approved by the treasurer is the sole property of the account holder. The treasurer must submit an annual report to the general assembly on approved bullion depositories, authorized electronic payment systems, and the economic impact of recognizing specie as legal tender. The bill provides that transactional gold and silver shall not be used by the state or a public entity as a mechanism for surveillance or social credit scoring. The bill states that a transaction entered into by a person which involves the exchange of specie for some medium of exchange other than specie shall not be subject to any sales, excise, gross receipts, income, capital gains, or other form of tax or public charge under the laws of this state. The purchase, sale, or exchange of specie shall also not be subject to any sales, excise, gross receipts, income, capital gains, or other form of tax or charge authorized under the laws of this state. The treasurer must implement the provisions of the bill by July 1, 2027.