The House of Representatives introduces a bill for a digital currency backed by gold

A Texas House of Representatives committee has taken the first steps in debating a bill to create a digital currency backed 100% by leftover gold.

Also Read: Florida Gov. Ron DeSantis Proposes Bill to Ban Central Bank Digital Currency

Where he got the bill, which is identified as HB4903which was introduced on March 10 by Rep Mark Doraziohas the support of 42 sponsors, and is ready for a vote by the House of Representatives.

On the other hand, the bill stipulates that the House of Representatives will establish a digital currency backed by gold, so that each unit of the issued digital currency represents a certain element, and the state will have to design an electronic system to allow citizens to freely deal with this currency to make payments.

Save and recover

In its current state, the bill states that custody of the gold backing the digital currency will be provided by the Texas State Comptroller, or it can be allocated to a third party, who will have to keep the same amount of gold that was issued from the digital currency, making it a 100 percent backed digital currency. 100%.

US state of Texas: House of Representatives introduces gold-backed digital currency bill

The currency redemptions will be processed in the form of gold or cash, with the state comptroller or third party contractor managing these redemptions. Implementing this law will cost $25 million for a limited system, with a more efficient transaction system, at a cost of up to $100 million, according to estimates.

The bill has had popular support, as evidenced by a 78-page document filed on April 26 that many Texans signed to endorse this sound money bill.

Also read: The US state of “South Dakota” proposes a bill to change the definition of money

Other states are also following laws to create alternatives to the US dollar as a transaction and reserve currency. On April 11, the state of Arkansas passed a bill that would make gold and silver legal tender, allowing its citizens to use gold to legally pay debts and obligations, without having tax implications. , and 23 other states are involved in similar legislation.

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