Texas lawmakers are considering setting up a Texas digital currency backed by gold.
Senate Bill 2334 filed in the state legislature would allow the comptroller to establish a digital currency that is fully backed by gold and fully redeemable in cash or gold. A similar bill was filed in the Texas House.
“The comptroller shall establish a digital currency that is backed by gold so that each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust,” the bills said, adding that once someone buys the digital currency, the comptroller would use the purchased amount to “buy a fractional number of troy ounces of gold equal to the number of units of the digital currency issued to the purchaser."
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