The gold backed digital currency bill, identified as HB4903, which was introduced on March 10 by Representative Mark Dorazio, has garnered the support of 42 sponsors.
If enacted as law, the bill, which is being discussed by a Texas House committee, would create an electronic system for users to transact and pay with this digital currency and would also allow them to execute redemptions for the gold specie, or coins, backing it.A Texas House committee has taken the first steps in the discussion of a bill that creates a digital currency 100% backed by gold specie.
The bill specifies that the comptroller of the state will “establish a digital currency that is backed by gold so that each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust.” In the same way, the state will have to design an electronic system to allow citizens to freely transact with this currency to make payments.
Redemptions of the currency will be processed in gold specie or in money, with the comptroller of the state or a contracted third party managing these redemptions. The implementation of this bill would cost the state $25 million for a limited system, with a more functional transactions system costing up to $100 million, according to
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