Gold Backed Digital Currency

How would Gold-Backed Digital Currencies proposed by Texas Lawmakers work?

CBDCCryptocurrencyNewsPolicy
··1 min read
  • Texas lawmakers Bryan Hughes and Mark Dorazio have introduced identical bills for creating a state-based digital currency backed by gold.
  • The proposed digital currency would represent a particular fraction of a troy ounce of gold held in trust.
  • The comptroller would use the money received from the purchaser to buy an equivalent amount of gold and the purchaser would receive digital currency equal to the amount of gold purchased.
  • The value of a unit of digital currency must be equal to the value of the appropriate fraction of a troy ounce of gold at the time of the transaction.
  • The bills have not been passed or presented for a vote, but both state that they will take effect on September 1, 2023.
  • Several United States politicians, including Ted Cruz, have recently argued against introducing a central bank digital currency (CBDC) due to concerns over granting more power to the government and loss of financial privacy.
  • The Cato Institute also set out their concerns regarding CBDC and how they would give governments too much power.
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