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.
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.
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.