The proposed bill aims to establish the Transactional Gold and Silver Act in West Virginia, recognizing bullion as legal tender and outlining the responsibilities of the state Treasurer in managing bullion transactions. It includes legislative findings that emphasize the historical significance of gold and silver in promoting economic stability and individual liberty. The bill defines key terms related to bullion, such as "account holder," "bullion depository," and "electronic payment system," and sets forth the authority of the Treasurer to operate or contract with depositories and payment systems. Additionally, it mandates the Treasurer to propose rules for legislative approval to ensure secure and transparent operations of bullion depositories and payment systems.

Furthermore, the bill stipulates that the exchange of legal tender for bullion will not incur tax liabilities, and it requires the Treasurer to implement the provisions by July 1, 2027. Annual reports will be submitted to the Joint Committee on Government and Finance detailing the status of bullion depositories, the usage of electronic payment systems, and the economic impact of recognizing bullion as legal tender. The legislation aims to enhance the state's economic resilience by facilitating the use of precious metals in transactions while ensuring compliance with state and federal laws.

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