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Georgia Senate committee advances bill to recognize gold and silver as legal tender amid debate over depository, fees and cybersecurity
Summary
A Georgia Senate committee voted 5–3 to advance a bill that would recognize gold and silver as legal tender and enable fintech-backed transactional accounts tied to physical bullion; supporters said it expands access and hedges inflation, while vendors and experts warned state-run vaulting, unclear fees and cybersecurity merit clarification.
A Georgia Senate committee voted 5–3 to move a bill that would recognize gold and silver as legal tender and enable electronic, fintech-style transactions backed by physical bullion, advancing the measure to the rules committee for further consideration.
Proponents told the committee the proposal would broaden access to precious metals and give residents a new payment option. "This bill really kinda is economic freedom for for people that could not participate in the process," an unidentified proponent said in committee testimony, arguing fintech can let people buy fractional gold in small denominations and use it for everyday purchases.
Supporters framed the change as rooted in a constitutional claim, citing "Article 1 Section 10" as the basis for states to recognize gold and silver as legal tender. The proponent also told senators an RFP process would select private vendors for storage and…
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