Texas lawmakers propose a gold-backed state digital currency | DeCenter – Blockchain and Bitcoin

Texas lawmakers propose a gold-backed state digital currency

Two Texas lawmakers have introduced identical bills for creating a state-based digital currency backed by gold, a move that comes despite objections from several United States lawmakers against introducing a central bank digital currency (CBDC).

Senator Bryan Hughes introduced Senate Bill 2334 on March 10, with Representative Mark Dorazio introducing House Bill 4903 on the same day, stating that a fractional equivalent amount of physical gold would back the proposed digital currency.

“Each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust”.

@DeCenterOrg