Texas Bill Would Create Gold-Backed Digital Currency, 4062

Last month, the Texas House and Senate introduced bills for the formation of a state-issued, gold-backed digital legal tender. If passed, this proposed legislation would offer a means for people to conduct commerce with sound currency, in complete privacy, and thereby destabilize the Federal Reserve's money monopoly, and provide a feasible substitute to their upcoming central bank digital currency (CBDC).

On March 10, Sen. Bryan Hughes (R) presented Senate Bill 2334 (SB2334) and Rep. Mark Dorazio (R) unveiling a corresponding House Bill 4903 (HB4903) on the same day. The proposed legislation mandates the state comptroller to establish a digital currency wholly supported by gold and entirely exchangeable for cash or gold. Additionally, the comptroller would be tasked with devising a mechanism for the utilization of this gold-backed digital legal tender in everyday transactions.