{"id":1936,"date":"2023-05-08T17:55:33","date_gmt":"2023-05-08T17:55:33","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=1936"},"modified":"2023-06-12T13:37:07","modified_gmt":"2023-06-12T13:37:07","slug":"texas-committee-passes-bill-to-create-100-gold-and-silver-backed-transactional-currencies","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/texas-committee-passes-bill-to-create-100-gold-and-silver-backed-transactional-currencies\/","title":{"rendered":"Texas Committee Passes Bill To Create 100% Gold And Silver-Backed Transactional Currencies"},"content":{"rendered":"\n<p>Legislators in Texas are leading the charge against the Federal Reserve&#8217;s monopoly on fiat money by offering an option for people to conduct business in sound money. The principal idea reverses Gresham&#8217;s Law, where<strong>&nbsp;<\/strong>good money drives bad money out of circulation and the people can choose to decline to accept less valuable fiat money from the Fed.<\/p>\n\n\n\n<p>The bill has the bipartisan support of 42 sponsors to create a viable gold-backed <a href=\"https:\/\/www.zerohedge.com\/commodities\/texas-committee-passes-bill-create-100-reserve-gold-and-silver-backed-transactional\" target=\"_blank\" rel=\"noreferrer noopener\">alternative to a central bank digital currency (CBDC)<\/a> already in development by the Federal Reserve.&nbsp;<\/p>\n\n\n\n<p>If the bill becomes law, it would require the state comptroller to establish and provide for :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The issuance of gold and silver specie&nbsp;&#8211; A specie is a physical coin or token, typically made from a precious metal that is suitable for or customarily used as currency.<\/li>\n\n\n\n<li>Require the comptroller to authorize the Texas Bullion Depository as issuer of the specie as legal tender in payment of debt and readily transfer the specie to another person<\/li>\n\n\n\n<li>A mechanism to use 100% backed <strong>gold and silver digital currencies<\/strong> in everyday transactions \n<ul class=\"wp-block-list\">\n<li>Use the digital currency as legal tender in payment of debt.<\/li>\n\n\n\n<li>By electronic means readily transfer or assign the digital currency to another person.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>Physical gold and silver backing the digital currency would be stored in a pooled account at the Texas State Bullion Depository.<\/p>\n\n\n\n<p>Federal lawmakers from Texas are also leading the charge <a href=\"https:\/\/findbullionprices.com\/blog\/texas-bill-proposes-gold-backed-digital-currency\/\">against the Federal Reserve<\/a> issuing a consumer CBDC. In March, Senator Ted Cruz introduced legislation specifically aimed at <a href=\"https:\/\/www.cruz.senate.gov\/newsroom\/press-releases\/sen-cruz-introduces-legislation-to-prohibit-the-fed-from-establishing-a-central-bank-digital-currency\" target=\"_blank\" rel=\"noreferrer noopener\">preventing the Fed from establishing a central bank digital currency<\/a>.<\/p>\n\n\n\n<p><a href=\"https:\/\/t.co\/8dInpNRDZD\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Legislators in Texas are leading the charge against the Federal Reserve&#8217;s monopoly on fiat money by offering an option for people to conduct business in sound money.<\/p>\n<p>Physical gold and silver that would support the backing of the digital currency would be stored in a pooled account at the Texas State Bullion Depository.<\/p>\n","protected":false},"author":1,"featured_media":2032,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[809,710,616,791,186,790,729],"tags":[946,947,949,149,948],"class_list":["post-1936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","category-central-banks","category-federal-reserve","category-gold","category-precious-metals","category-silver","category-silver-coins","tag-gold-backed-digital-currency","tag-gold-backed-token","tag-gold-cbdc","tag-gold-coins","tag-texas-gold-currency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Texas Committee Passes Bill To Create 100% Gold And Silver-Backed Transactional Currencies - FindBullionPrices.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/findbullionprices.com\/blog\/texas-committee-passes-bill-to-create-100-gold-and-silver-backed-transactional-currencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Texas Committee Passes Bill To Create 100% Gold And Silver-Backed Transactional Currencies - FindBullionPrices.com\" \/>\n<meta property=\"og:description\" content=\"Legislators in Texas are leading the charge against the Federal Reserve&#039;s monopoly on fiat money by offering an option for people to conduct business in sound money. 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