Bill > HB1306

This bill, titled the "Transactional Gold and Silver Act," amends Georgia law to recognize gold and silver specie, meaning gold or silver bullion that has intrinsic value and is used as legal tender, as legal tender for debts, taxes, and fees, provided all parties agree to its use, and establishes a Bullion Depository Commission to oversee the creation of a bullion depository, which is an entity storing gold and silver bullion and allowing account holders to buy, sell, save, or spend it, and an electronic payment system to facilitate transactions using this gold and silver. The bill also mandates that these depositories be secure, transparent, and accessible, that electronic payment systems be reliable and compliant with laws, and that all deposits be insured for their full replacement value, while explicitly prohibiting the use of transactional gold and silver, which represents physical gold and silver bullion that can be transferred electronically or by written instruction and is fully backed by specie held in a depository, as a mechanism for surveillance or social credit scoring, which is a system that monitors a person's behavior to condition access to services. Furthermore, the bill prohibits taxation on transactions involving gold and silver specie and requires the commission to submit annual reports on the depository's operations and the economic impact of recognizing gold and silver as legal tender, with the provisions to be implemented by January 1, 2028.

Business and Industry

https://www.legis.ga.gov/legislation/73193