Texas moves to create gold-backed digital currency Texas centralbankdigitalcurrency CBDC
- As lawmakers in the U.S. introduce bills pushing back against the creation of a U.S.-dollar-based central bank digital currency , Texas is opting to go a different route with the creation of a state-issued, gold-backed digital currency.
The comptroller would also be required to create a mechanism that would allow the new gold-backed digital currency to be used by citizens for their daily transactions. “In establishing the digital currency the comptroller shall establish a means to ensure that a person who holds the digital currency may readily transfer or assign the digital currency to any other person by electronic means.”
When someone holding the digital currency wants to redeem it for cash, all they would need to do is present it to the comptroller or a designated agent, who will then sell gold held in the depository account equal to the redemption amount and transfer the funds to the redeemer, minus any fees.
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