The bill amends Louisiana's legal framework regarding gold and silver as legal tender by updating the definition of acceptable forms of currency. Specifically, it changes the language to recognize any gold or silver coin, specie, or bullion that is "recognized" by the United States government as legal tender, rather than "issued" by any state or the federal government. Additionally, the bill introduces a provision for a gold-backed debit instrument that can convert gold stored in a depository into fiat currency, thereby expanding the types of legal tender accepted in the state.

These changes aim to modernize the state's monetary system by incorporating new financial instruments that utilize gold, potentially enhancing the stability and flexibility of currency options available to residents. The inclusion of a gold-backed debit instrument reflects a growing interest in alternative forms of currency and may provide citizens with more choices in their financial transactions.

Statutes affected:
HB695 Original: 6:341(A)
HB695 Engrossed: 6:341(A)
HB695 Enrolled: 6:341(A)
HB695 Act 304: 6:341(A)