Missouri Proposes Ban on CBDCs, Recognizes Gold and Silver as Legal Tender
Lawmakers in Missouri are pushing forward efforts to block the use of central bank digital currencies (CBDCs) while promoting the use of gold and silver as legal tender. Despite the fact that CBDCs are not currently in use in the United States, the state has introduced several legislative measures aimed at preventing their adoption.
Key Details of the Proposed Bill
On Dec. 1, Republican Senator Rick Brattin introduced Senate Bill 194 (SB 194). This legislation aims to amend state laws with the following provisions:
- Ban on CBDCs: Public entities in Missouri would be prohibited from accepting CBDCs or participating in any testing or development related to them. The bill also seeks to redefine “money” under the state’s Uniform Commercial Code (UCC) to explicitly exclude CBDCs.
- Gold and Silver as Legal Tender: The bill mandates that gold and silver be accepted as legal tender in Missouri. Transactions using these metals would be valued at their spot price plus a market premium. The costs for verifying the weight and purity of gold and silver would be covered by the receiving party.
- Treasury Requirements: The state treasurer would be required to allocate at least 1% of state funds to gold and silver reserves.
- Tax Exemption: The sale or exchange of gold and silver would be exempt from Missouri’s capital gains tax.
Summary Review: Missouri is taking a strong stance against the potential use of CBDCs while promoting the use of gold and silver as alternative forms of currency. If passed, the bill would ban public institutions from accepting CBDCs and officially recognize gold and silver as legal tender, exempting transactions involving these metals from capital gains taxes. This move highlights the state’s cautious approach to digital currencies and its preference for tangible assets like precious metals.
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