Texas lawmakers filed a bill to create a state-issued digital currency.
btgbtg/Getty Images/iStockphotoTexas lawmakers are considering setting up a Texas digital currency backed by gold.
Senate Bill 2334 filed in the state legislature would allow the comptroller to establish a digital currency that is fully backed by gold and fully redeemable in cash or gold. A similar bill was filed in the Texas House.
“The comptroller shall 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,” the bills said, adding that once someone buys the digital currency, the comptroller would use the purchased amount to “buy a fractional number of troy ounces of gold equal to the number of units of the digital currency issued to the purchaser.”
People could redeem the digital currency for gold or cash, and electronically send it to someone else.
The comptroller would also work to ensure the security of the digital currency and prevent fraud. All gold reserves backing the digital currency would be held in a trust with the Texas Bullion Depository.
The digital currency bill is just one of several bills filed in the Texas legislature relating to cryptocurrency. Other bills have been filed to aid in crypto mining and to officially welcome the Bitcoin economy to the state.
