Texas House Committee Passes Bill to Create Gold and Silver-Backed Digital Currencies
The Texas House committee has passed a bill that would allow the creation of 100% reserve gold and silver-backed transactional currencies. Individuals would be able to purchase transactional currency representing the smallest fractions of physical gold or silver, which could be used to purchase gold or silver held in the Texas Bullion Depository, and redeemed for dollars, gold, or silver on demand. This move could create currency competition with Federal Reserve notes and provide an alternative to a central bank digital currency.
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