2 years ago
Texas has taken its archetypal steps successful bid to o.k. a measure that would contented a 100% gold-backed integer currency. If enacted arsenic law, the bill, which is being discussed by a Texas House committee, would make an physics strategy for users to transact and wage with this integer currency and would besides let them to execute redemptions for the golden specie, oregon coins, backing it.
Texas House Committee Passes Gold-Backed Digital Currency Bill
A Texas House committee has taken the archetypal steps successful the treatment of a measure that creates a integer currency 100% backed by golden specie. The bill, identified arsenic HB4903, which was introduced connected March 10 by Representative Mark Dorazio, has garnered the enactment of 42 sponsors and is acceptable to exit by the House State Affairs Committee to beryllium voted connected by the House.
The measure specifies that the comptroller of the authorities volition “establish a integer currency that is backed by golden truthful that each portion of the integer currency issued represents a particular
fraction of a troy ounce of golden held successful trust.” In the aforesaid way, the authorities volition person to plan an physics strategy to let citizens to freely transact with this currency to marque payments.
Custody and Redemptions
The bill, successful its existent state, establishes that the custody of the golden backing the integer currency volition beryllium provided by the Texas authorities comptroller, oregon tin beryllium assigned to a 3rd party, which volition person to support the aforesaid magnitude of golden arsenic the issuance of the integer currency, making it a 100% backed integer currency.
Redemptions of the currency volition beryllium processed successful golden specie oregon successful money, with the comptroller of the authorities oregon a contracted 3rd enactment managing these redemptions. The implementation of this measure would outgo the authorities $25 cardinal for a constricted system, with a much functional transactions strategy costing up to $100 million, according to estimations.
However, the measure has managed to get grassroots support, evidenced by a 78-page papers introduced connected April 26, signed by respective Texans calling for the support of this dependable wealth law.
Other states are besides pursuing laws to found alternatives to the U.S. dollar arsenic a transactional and reserve currency. On April 11, Arkansas passed a measure that makes golden and metallic ineligible tender, allowing its citizens to usage golden specie to legally wage debts and obligations without having taxation implications, and 23 much states are besides progressive successful akin legislation.
What bash you deliberation astir Texas’ gold-backed integer currency bill? Tell america successful the comments conception below.
Sergio Goschenko
Sergio is simply a cryptocurrency writer based successful Venezuela. He describes himself arsenic precocious to the game, entering the cryptosphere erstwhile the terms emergence happened during December 2017. Having a machine engineering background, surviving successful Venezuela, and being impacted by the cryptocurrency roar astatine a societal level, helium offers a antithetic constituent of presumption astir crypto occurrence and however it helps the unbanked and underserved.
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