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Regulation and Policy

Texas Legislators Push for Gold-Backed Digital Currency Amidst CBDC Debate

Texas Legislators Push for Gold-Backed Digital Currency Amidst CBDC Debate

Two Texas legislators have proposed bills to create a state-based digital currency backed by gold.

This move has been met with opposition from some U.S. lawmakers who are against introducing a CBDC.

On March 10, Senate Bill 2334 was introduced by Senator Bryan Hughes, and House Bill 4903 was introduced on the same day by Representative Mark Dorazio.

The proposed digital currency would be backed by a fractional equivalent amount of physical gold, with each unit of the digital currency representing a particular fraction of a troy ounce of gold held in trust.

The bills state that the comptroller would use the money received from a purchaser to buy an equivalent amount of gold, with the purchaser receiving digital currency equal to the amount of gold bought.

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The trustee would maintain enough gold to redeem all units of the digital currency issued. A fee might be established to cover the costs of administering the chapter.

While some U.S. lawmakers have voiced concerns about introducing a CBDC, neither bill has been passed or presented for a vote. Both bills state that the act will take effect on September 1, 2023.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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