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Texas Proposes Bill To Have Gold Backed Digital Currency

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April 10, 2023 Posted in: Patriots

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Will Texas Have Its Own Gold Backed Currency?

 

 

The Senate in Texas has recently come out with a bill that would give Texas the ability to have a gold backed, digital currency. 

 

This proposal would challenge the Federal Reserve’s monopoly on the US dollar and also create a potential rival to the central bank digital currency (CBDC).  

 

Senate Bill 2334, is entitled “Digital Gold Currency Act” that aims to establish a digital currency backed by gold in the state of Texas. 

 

The bill lays out the rules and regulations necessary for the establishment and administration of digital currencies, including purchase and issuance, redemption for money or gold, as well as gold held in trust to back these digital assets.

 

The comptroller would be empowered to create rules and enter contracts for the administration of the chapter, guaranteeing security for digital currency. 

 

A trustee would then be appointed to hold any gold purchased to back it. Furthermore, the bill allows a fee for purchasing or redeeming the digital currency.

 

You can read the full text of the bill here.

 

Also, the Texas House created a companion bill, House Bill 4903.