The bill amends Louisiana's legal framework regarding gold and silver as legal tender by updating the language in R.S. 6:341(A). It replaces the term "issued" with "recognized" and removes the reference to "any state" in the context of legal tender. Additionally, the bill introduces the concept of a "gold-backed debit instrument" that can convert gold in a depository to fiat currency, thereby expanding the definition of legal tender in the state to include this new financial instrument alongside traditional gold and silver coins, specie, or bullion recognized by the United States government.

This legislative change aims to enhance the acceptance of gold and silver as valid forms of payment in Louisiana, reflecting a growing interest in alternative currencies and financial instruments. By recognizing gold-backed debit instruments, the bill seeks to provide residents with more options for transactions and potentially increase the use of precious metals in everyday commerce.

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