Utah passes bill that allows state to pay its vendors in gold, silver

The Utah Legislature this week passed a bill that will allow the state to pay its vendors in silver and gold. 

The bill passed Tuesday in the 2025 legislative session and is waiting to be signed by GOP Gov. Spencer Cox, according to news reports.

Utah state Rep. Ken Ivory, who sponsored the legislation, said the bill will be useful in uncertain economic times and that gold is one of the most secure means of payment.

“In uncertain economic times, Utah is providing vendors and service providers with the option to receive payment in gold and silver,” said Ivory, according to a news release. “This law gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings.”

The bill had bipartisan support in the House and the Senate.

The bill also gives the task to the state treasurer to create an electric payment system that is backed by precious metals.

"A key takeaway from the workgroup is citizens should have a choice in how they conduct financial transactions," Utah Treasurer Marlo Oaks said. "H.B. 306 gives state vendors the option to be paid in precious metals, while ensuring the physical assets backing the system are stored in Utah and subject to regular audits."