Missouri may soon allow gold and silver to be used as legal tender, thanks to new legislation passed by state lawmakers.
Key Features of the Legislation:
- Legal Tender Status: Gold and silver coins and bullion will be accepted for payments on debts and taxes within the state.
- No Capital Gains Tax: The bill removes state capital gains taxes on the sale of precious metals to promote their use in commerce.
- Federal Protection: State agencies cannot collaborate with federal authorities to confiscate gold or silver from Missouri residents.
- Electronic Transactions: The legislation permits electronic systems to handle transactions involving precious metals.
If signed by Missouri Governor Mike Kehoe, Missouri will join five other states in recognizing gold and silver as legal tender. This shift may provide a hedge against inflation and decrease reliance on the Federal Reserve. However, critics question the practicality of using these metals in daily transactions due to their potential value volatility.
Additionally, the Missouri Department of Revenue will set rules for accepting gold and silver payments, streamlining this transition. As of now, the governor’s decision is awaited, marking an important moment in the ongoing debate over monetary policy and alternative currencies in the U.S.