https://austincountynewsonline.com/...te-gold-and-silver-backed-digital-currencies/
On May 2, a Texas House committee passed a bill that would create 100% reserve gold and silver-backed transactional currencies. This legislation, if enacted, would provide an option for individuals to conduct business in sound money and could create a viable alternative to a central bank digital currency (CBDC) while undermining the Federal Reserve’s monopoly on money.
HB4903, introduced by Rep. Mark Dorazio (R), would require the state comptroller to establish and provide for the issuance of gold and silver specie and establish digital currencies that are 100% backed by gold and silver. These digital currencies would also be 100% redeemable in cash, gold, or silver.
The comptroller would be required to authorize the Texas Bullion Depository as the issuer of gold and silver specie and ensure that holders may use the specie as legal tender to pay off debts or readily transfer the specie to another person. Physical gold and silver would be stored in a pooled account at the Texas State Bullion Depository to back the digital currency.
In practice, individuals would be able to purchase transactional currency representing the smallest fractions of physical gold or silver, which could be used to purchase gold or silver held in the already-open Texas Bullion Depository. Individuals would also be able to redeem their transactional currency for dollars, gold, or silver on demand.
This legislation is one of several bills introduced in the Texas legislature this year to promote sound money. It would create currency competition with Federal Reserve notes and provide a sound money-backed competitor if the Federal Reserve implements a CBDC.