Explanation of HB 1674-FN in Layman's Terms

This bill is about creating a new law in New Hampshire that would make gold and silver legal tender for transactions, establish a state-run facility to store these precious metals, and allow for the use of digital gold and silver. Here are some key points:

Gold and silver, along with electronic currency backed by these metals, would be considered legal forms of payment.
A state bullion depository would be set up to securely store gold and silver.
People can set up accounts at this depository to buy, sell, or store bullion.
State agencies and local governments can use the depository for storing their precious metals.
The state treasurer would oversee the administration of this new system.
There are provisions for transparency, security, and auditability of the electronic currencies.
The costs of setting up and maintaining these systems are significant but not clearly determined at this time.

Overall, this bill aims to establish a new way for people and organizations to use gold and silver for financial transactions in New Hampshire.

Rep. Juliet Harvey-Bolia

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