The subject of central financial institution digital currencies is within the crossfire of US politicians, with the likes of Ron DeSantis and Ted Cruz attempting to forestall them from current. However what a couple of statewide digital foreign money? The primary of its sort, a gold-backed state-based digital foreign money mission appeared in Texas.
On the identical day, two Texas lawmakers launched equivalent payments for the creation of a state-based, gold-backed digital foreign money. Every unit of the digital foreign money would signify a specific fraction of a troy ounce of gold held in belief, in accordance with the payments. As soon as an individual buys a certain quantity of digital foreign money, the controller makes use of this acquired cash to purchase an equal quantity of gold. Though neither of the payments have handed or come to a vote, each point out that the legislation will come into pressure on September 1, 2023.
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