Backed by Gold

The Texas House and Senate recently introduced bills that would establish a state-issued, gold-backed digital currency, Schiff Gold reported.

The outlet added, “Enactment of this legislation would create an option for people to transact business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money and create a viable alternative to a central bank digital currency (CBDC).”

On March 10, Republican Senator Bryan Hughes proposed Senate Bill 2334 (SB2334). On the same day, a similar bill, House Bill 4903 (HB4903), was submitted by Republican Representative Mark Dorazio.

According to the proposed law, the state comptroller must issue a digital currency that is fully backed by gold and fully redeemable in cash or gold. The comptroller would also be responsible for developing a system for regularly transacting with this digital currency guaranteed by gold.