Texas Lawmakers Progress With Digital Currency Bill

The Texas House of Representatives has made significant headway in approving a bill that would allow the issuance of a 100% gold-backed digital currency in the state. This bill, which is yet to be voted on by the House, would authorize the development of an electronic system for users to utilize this digital currency and would also allow users to redeem the currency for money or the equivalent value of gold.

This legislative advancement would come despite criticisms from several United States legislators against the introduction of a central bank digital currency (CBDC).