8/14/23 US loss of AAA badge a reminder of 'regime shift' for government debt   7/18/23 Gold prices holding gains near four-week high as U.S. retail sales disappoint, rising 0.2% in June   7/6/23 Investors have more to lose without gold in their portfolio - WGC   5/19/23 Gold price could 'easily' regain $2k next week as more debt ceiling troubles ahead - analysts   5/10/23 Gold to outperform silver this year as recession risks build, says Bloomberg Intelligence   5/6/23 TEXAS HOUSE COMMITTEE PASSES BILL TO CREATE GOLD AND SILVER-BACKED DIGITAL CURRENCIES   5/3/23 Debt ceiling showdown: 5 possible outcomes   4/27/23 S&P 500 will crash 20% as ‘panic' sets in and gold hits $2,300 in 2023, Fed will cause ‘more tremors' in banking sector - Gareth Soloway   4/25/23 Debt crisis is a scary white swan for US economy   4/20/23 Gold price firmer as bulls stabilize the market   4/19/23 Gold price falls below $2,000 as market readjusts rate hike expectations   4/13/23 Dumping the Dollar: Will a new BRICS currency replace the US currency for trade?   3/14/23 Gold is the only true measure of value in our growing multipolar world - Byron King   3/9/23 Silver price to rise 1,000% as gold hits $5k by 2027, governments to "debase" their currencies - Rob McEwen   2/28/23 Gold below $1,600 vs. above $2,000: it depends on whether the Fed breaks the economy   2/23/23 Gold prices remains under pressure as U.S. Q4 GDP increased 2.7%, inflation remains persistently high   2/17/23 Sentiment suggests gold prices to struggle next week, but analysts see a potential buying opportunity   1/24/23 Gold eases off nine-month peak as U.S. dollar, yields gain   1/19/23 Gold price firmer on chart-based buying interest   1/17/23 PRECIOUS-Gold retreats as dollar gains upper hand   1/10/23 2023: Big Year for Gold, Silver and Platinum Prices   1/5/23 Demand for Gold by Central Banks Rose Its Fastest in 55 Years   1/3/23 Gold surges to 6-month high, and analysts expect records in 2023   12/29/22 Gold Price Rises Toward $1,900   12/19/22 Gold $3000 in 2023?   12/27/22 Outlook 2023 Investors were underweight gold in 2022, don't make the same mistake in 2023 - Frank Holmes   12/15/2022 Gold Ready to "Explode"


May 6, 2023 | State News

Texas House Committee Passes Bill to Create 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.

A gold-backed digital currency would also create an alternative and allow individuals and businesses to avoid a CBDC. Digital currencies exist as virtual banknotes or coins held in a digital wallet on a computer or smartphone. A CBDC’s value is backed and controlled by the government, unlike traditional fiat currency.

The move towards a CBDC is rooted in the “war on cash,” which could create the potential for the government to track and control consumer spending. A digital currency issued by the government would also accelerate the path towards a surveillance state regime.

Creating gold and silver-backed digital currencies would take another step towards abolishing the Federal Reserve system by introducing competition into the monetary system. It would undermine the Federal Reserve’s monopoly by working to make its functions irrelevant at the state and local levels.

HB4903 will now move to the Calendars Committee, which determines which bills move to the House floor for a vote. Supporters of the bill have created an online tool to register support for the bill moving to the House for a debate and vote.  Residents of Texas can submit their comments here.


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