Texas lawmakers have proposed a glittering innovation that could shake up the cryptoverse: a gold-backed digital currency. In a bold move, identical bills have been introduced to create a state-based crypto asset that would be supported by the precious metal.
But the proposal has raised eyebrows, as some US lawmakers are still against the introduction of a central bank digital currency (CBDC).
Despite objections, could this new proposal put Texas at the forefront of the cryptocurrency revolution?
Introduction of Senate Bill 2334 and House Bill 4903
On March 10, Sen. Bryan Hughes and Rep. Mark Dorazio presented Senate Bill 2334 and House Bill 4903, respectively, both advocating for a digital currency that will have a fractional equivalent amount of physical gold as its backing.
The proposal stipulates that the comptroller shall create a digital currency that represents a particular fraction of a troy ounce of gold held in…
