The Texas Legislature has proposed issuing a digital currency backed by gold. Local authorities were skeptical about the Digital Dollar Development Project (CBDC).
In their opinion, the Federal Reserve, which will be the issuer of the digital dollar, will be able to manipulate this instrument to its advantage.
Therefore, it is necessary to create a digital currency that will be backed by a precious metal.
A bill to create a stablecoin was introduced by Senator Brian Hughes and Texas House Representative Mark Dorazio. The document says that the authorities of the US state will be able to control the reserves used to back the token.
Holders of a stablecoin will be able to use it not only as a means to pay for goods and services, but also to accumulate capital. The Texas government will guarantee the fulfillment of obligations under the stablecoin.
At the moment, a bill for a token backed by gold is being heard in the relevant Committee of the State Legislature. After that, it will go to the approval of the regional Senate and the House of Representatives.
