Despite objections from some US lawmakers about introducing a central bank digital currency (CBDC), two Texas lawmakers have proposed identical bills to create a state-based digital currency backed by gold.
Senate Bill 2334 was introduced by Senator Bryan Hughes on March 10, while Representative Mark Dorazio introduced House Bill 4903 on the same day.
The proposed digital currency would be backed by a fractional equivalent amount of physical gold. The bills explain that when a person buys a certain amount of digital currency, the comptroller would use the money received to purchase an equivalent amount of gold, and the purchaser would receive digital currency equal to the amount of gold bought by the comptroller.
The value of a unit of digital currency would be equivalent to the value of the appropriate fraction of a troy ounce of gold at the time of the transaction.
