Texas, one of the leading states in the field of crypto money, took action to issue a crypto money this time.
Texas was also more moderate in crypto mining last year compared to other states. State lawmakers seem to have taken a different view on the stablecoin.
Texas Wants to Launch Gold-Based Cryptocurrency
While lawmakers in the US have introduced bills opposing the creation of a US dollar-based central bank digital currency (CBDC), Texas chooses to take a different route with the creation of state-issued gold. This is a gold-backed digital currency.
Based on Senate Bill 2334, presented by State Senator Bryan Hughes, and House Act 4903, presented by state Representative Mark Dorazio, legislators proposed issuing an all-gold-backed digital currency from the state auditor, which can be used entirely as cash or gold.
The auditor will also need to create a mechanism that will allow the new gold-based digital currency to be used by citizens in their day-to-day transactions.
The following statements were included in the previous text as an explanation:
“When creating the digital currency, the auditor will create a tool that will enable a person holding the digital currency to easily transfer or transfer the digital currency to any other person by electronic means.”
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