The proposed bill aims to establish the Transactional Gold and Silver Act in West Virginia, recognizing gold and silver specie as legal tender within the state. It outlines the legislative intent to promote economic stability and individual liberty by allowing citizens to use precious metals for transactions, thereby providing an alternative means of preserving wealth. The bill includes definitions for key terms such as "bullion depository," "depository agent," and "electronic payment system," and sets forth the duties of the State Treasurer's Office, which will oversee the operation of bullion depositories and the implementation of electronic payment systems.

Additionally, the bill stipulates that transactions involving gold and silver specie will be tax-exempt, ensuring that the exchange of legal tender does not incur tax liabilities. The State Treasurer's Office is tasked with implementing the provisions of the act by July 1, 2027, and will be required to submit annual reports to the Legislature detailing the status of bullion depositories and the economic impact of recognizing gold and silver as legal tender. Importantly, the bill clarifies that it does not authorize the use of central bank digital currency or transactional gold and silver for surveillance or social scoring purposes.

Statutes affected:
Introduced Version: 47-29-1, 47-29-2, 47-29-3, 47-29-4, 47-29-5, 47-29-6