Texas Lawmakers Introduce Bill Proposing to Establish a Gold-Backed Digital Currency

Two Republican lawmakers from Texas, legislator Bryan Hughes and typical Mark Dorazio, person introduced authorities to make a gold-backed integer currency that could beryllium enacted by the authorities legislature. The policymakers judge that this currency could greatly payment the Lone Star State and, arsenic an alternate integer currency, it could supply Texas residents with the quality to circumvent a cardinal slope integer currency (CBDC).

S.B. No. 2334 Introduces the Establishment of a Digital Currency Backed by Gold successful Texas

In caller times, U.S. lawmakers person been discussing the reimposition of the golden standard, and conscionable recently, Georgia typical Marjorie Taylor Greene advocated for its return. Specific bureaucrats person besides been vehemently against the instauration of a cardinal slope integer currency (CBDC), and politicians specified arsenic Ted Cruz, Ron DeSantis, Robert F. Kennedy Jr., and Greene person opposed CBDCs. Now, 2 Texas lawmakers person introduced a measure (S.B. No. 2334) that would alteration the authorities to found a gold-backed integer currency.

“The comptroller shall found a integer currency that is backed by golden truthful that each portion of the integer currency issued represents a peculiar fraction of a troy ounce of golden held successful trust,” the Texas measure states. “The trustee shall support capable golden to supply for the redemption successful golden of each units of the integer currency that person been issued and are not yet redeemed for wealth oregon gold,” explicate the bill’s sponsors, Hughes and Dorazio.

The golden modular has agelong been removed from the United States, and if the measure gains traction, the U.S. Treasury Department whitethorn not o.k. Texas’s effort to make a integer currency backed by gold. The U.S. authorities has besides suppressed backstage creations of gold-backed alternate currencies, arsenic it unopen down Bernard von NotHaus’s Liberty Dollar office connected March 18, 2007. At that time, the Federal Bureau of Investigation (FBI) seized astir 9 tons of golden and metallic that backed the Liberty Dollars.

In the aforesaid twelvemonth that the Liberty Dollar was unopen down, a U.S. national expansive assemblage besides closed down the e-gold integer currency task operated by Gold & Silver Reserve Inc. (G&SR). However, the gold-backed integer currency projected successful the Texas measure would beryllium operated by the authorities government. Despite this, 13 antithetic states person attempted to make alternative, state-run, gold-backed currencies implicit the past 14 years, but each of these attempts person been unsuccessful.

The projected gold-backed integer currency successful Texas would beryllium held successful a spot controlled by the state’s comptroller. The measure notes that “certain wealth and deposits held successful the spot are not taxable to legislative appropriation.” Furthermore, the Texas lawmakers enactment that by “establishing the integer currency, the comptroller shall found a means to guarantee that a idiosyncratic who holds the integer currency tin easy transportation oregon delegate the integer currency to immoderate different idiosyncratic electronically.”

What bash you deliberation astir Texas’s effort to make a gold-backed integer currency and however it could perchance impact the aboriginal of alternate currencies successful the United States? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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