SB 413
Creating Transactional Gold and Silver Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill, the Transactional Gold and Silver Act, aims to recognize gold and silver as legal tender in West Virginia. It establishes a framework for using these metals in transactions, including defining key terms like ‘bullion depository’ and ‘gold specie.’ The State Treasurer’s Office would oversee the implementation, including establishing depositories and electronic payment systems, and the bill includes provisions for tax exemptions related to the exchange of these metals. It also seeks to prevent the use of these transactions for social credit scoring.
Key provisions
- Recognizes gold and silver specie as legal tender in West Virginia.
- Defines terms related to gold and silver transactions, such as ‘bullion depository’ and ‘gold specie.’
- Establishes duties for the State Treasurer’s Office, including operating depositories and approving electronic payment systems.
- Creates an implementation date of July 1, 2027, and requires annual reporting to the legislature.
- Provides for tax exemptions related to the exchange of gold and silver.
- Prohibits the use of transactional gold and silver for social credit scoring systems.
- Requires bullion depositories to be secure, transparent, and accessible.
- Mandates insurance coverage for deposits held in designated bullion depositories.
Who is affected
- West Virginia residents and businesses
- The State Treasurer’s Office
- Financial institutions operating in West Virginia
- Individuals interested in preserving wealth through precious metals
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