2023-05-09 06:06:14
This year on March 10, with quite limited press coverage proposed bill HB4903 by Texas Republican Representative Mark Dorazio. In the two months that have passed since then, with hard work, he was able to line up a bipartisan coalition of 42 supporters behind his proposal. The plan is that the head of the State Audit Office would be required by law to ensure the issuance of gold and silver coins. Also, provide a framework for creating digital currencies that are 100% backed by gold and silver.
The end is far from over, but the Texas bill also shows a new path for digital money
And on the second of May, the proposal also passed a Texas House of Representatives committee. This law would allow people to transact in money that actually has real value, while also undermining the Federal Reserve’s monopoly on money issuance. Moreover, it could also be an alternative to central bank digital currencies (CDBC). By the way, the bill also specified precisely what is considered gold or silver money and fdirects the state auditor to authorize the Texas Gold Depository to, among other things, use such funds as legal tender. In addition, the law would also require the audit office to create a mechanism for the creation of digital money backed 100% by gold and silver.
Then this digital money could be used as a legal tender and transactions could be conducted electronically. The whole point would be that although people deal with digital money, behind each digital currency there is also a piece of physical silver or gold, the public In Texas Gold Depository. On May 2nd, the Texas House of Representatives committee voted 7-6 on the proposal. If enacted, people would be able to use silver and gold coins, or digital currencies backed by them, in addition to and instead of paper money issued by the Federal Reserve.
The end is far from over
And since digital gold and silver money, as well as physical money, would carry much more value than the Fed’s paper money, sooner or later the “good money” would settle with the “bad money”. And such a step would be a particularly good direction for CDBCs as well. After all, CDBCs are digital money, but they are state-controlled. Thus, they would provide the state with a level of control over people, in which governments can even say who can spend money on what and when. In addition, with the paper money of the federal central bank or a CDBC, the state can make money out of nothing. This is not possible with real gold backed coins. As a next step, HB4903 is the so-called It goes before the Calendar Committee, where they decide which bill can be voted on by the House of Representatives.
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