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
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House committee advances tweak to free speech protection law, prompting fear from First Amendment advocatesThe change is supported by business groups, but has drawn opposition from media companies, First Amendment lawyers and political groups from across the ideological spectrum.
Read more »
When do STAAR results come in 2023? A guide for parents on how to access scoresWhen do STAAR results come in 2023? A guide for parents on how to access scores and what happens next
Read more »
Gulfton has enough space for 500 new trees, study shows, a possible relief to heatAn analysis conducted by Texas A&M Forest Service and The Nature Conservancy in Texas...
Read more »
Texas House’ honors’ Uvalde victims, then dishonors them with inaction (Editorial)Texas House ‘honors’ Uvalde shooting victims and dishonors them with inaction on gun bill (Editorial)
Read more »
Paper license plates' days appear numbered as Texas House takes step closer to banRepresentatives unanimously passed House Bill 718 to end the temporary tags, which police have linked to crime.
Read more »
Texas House to vote on restoring corporate tax break program, with billions at stakeThe new iteration of Chapter 313 would cut local taxes for manufacturing and oil and gas companies, excluding renewable energy.
Read more »