Bill > HB5604

This bill recognizes bullion, defined as gold or silver in coin, bar, or other physical forms meeting specific purity standards, as legal tender in West Virginia, meaning it can be used to pay debts, taxes, and other obligations if all parties agree. The bill establishes that the State Treasurer has the authority to operate or contract with entities called "bullion depositories" for the secure storage of this bullion and can also contract for "electronic payment systems" that allow account holders to use their stored bullion for transactions. These depositories and payment systems must adhere to specific guidelines, including security, transparency, and insurance requirements, and the Treasurer will oversee their operation and report on their implementation and any economic effects annually. Importantly, no one is required to accept bullion as payment, and the bill exempts the exchange and transactions involving bullion from state taxes.

Government Affairs

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5604&year=2026&sessiontype=RS&btype=bill