Two people from Texas, senator Bryan Hughes and representative Mark Dorazio, put forward an idea to make a new kind of money. This type of money will be backed by gold and it could be accepted officially in the state. They think this new currency should help Texans in case they do not want to use regular money that is made by banks.
Texas on the Verge of Launching Gold-Backed Digital Currency!
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Recently, some U.S. politicians have been talking about bringing back the gold standard. Marjorie Taylor Greene is one of those politicians who thinks this would be a good idea. Other politicians don’t want a special digital currency called a Central Bank Digital Currency (CBDC) to exist and they include Ted Cruz, Ron DeSantis, Robert F. Kennedy Jr., and Greene again. Now two Texas state lawmakers have introduced a piece of legislation that could make it possible for the state to create a digital currency backed by gold reserves.
In Texas, a bill was proposed that requires the comptroller to create a digital currency. This currency is backed by gold and each unit is equivalent to a certain amount of troy ounces of gold held in trust. To make sure there’s enough gold to cover all the issued digital currency units which have not yet been exchanged for money or gold, the trustee should continually maintain an adequate stockpile.
Texas is trying to make a digital currency backed by gold, but the government in The United States doesn’t think it’s a good idea. They even shut down someone called Bernard von NotHaus’ ‘Liberty Dollar’ headquarters and took away nine tons of gold and silver that was supposed to protect the currency!
In the same year, the US government shut down two digital currencies. One was called ‘Liberty Dollar’ and the other was called ‘e-gold’. But now Texas is trying to start their own digital currency backed by gold! However, over the past 14 years, 13 states have already tried and failed to create their own gold-backed currencies.
The Texas state’s comptroller will be responsible for controlling a digital currency with gold-backing. The bill mentions that the money and deposits put in trust are not available for anyone to use as they wish. Additionally, the comptroller should make it possible for people who hold this digital currency to easily send or give it to other people via electronic methods.
Texas is trying to make a digital currency that would be backed by gold. This could have an impact on other kinds of money in the US. Tell us your opinion about this idea in the comments section below.