Texas Explores State-Backed Digital Currency Amidst US CBDC Opposition

According to Kitco, US lawmakers are presenting bills that reject the idea of introducing a central bank digital currency (CBDC) pegged to the US dollar. While this is happening, Texas is exploring an unconventional avenue and contemplating the creation of its own state-guaranteed digital currency, backed with gold. More specifically, the aforementioned bills, Senate Bill 2334 and House Bill 4903, dictate that the state comptroller develops a digital currency that has complete backing from gold and can be interchanged for physical cash or gold.