A bill for an act relating to the use of specie as legal tender.

HF 2311 designates physical gold and silver (called "specie") as legal tender in Iowa, meaning residents can use it for transactions, though businesses aren’t required to accept it. The bill creates a system where the Iowa treasurer must approve secure bullion depositories (for storing gold/silver) and electronic payment systems to process specie-based transactions, while requiring insurance for deposits and banning state use of these systems for social credit scoring. It also exempts all gold/silver exchanges from state sales, income, and other taxes. The law specifically excludes digital currencies and federal monetary systems from its provisions.