Texas Launches Gold-Backed Digital Currency.

Texas lawmakers have introduced bills to create a state-issued, gold-backed digital currency that is fully redeemable in cash or gold. The comptroller would establish a mechanism to allow the new gold-backed digital currency to be used by citizens for their daily transactions. All gold reserves backing the digital currency would be held in a trust with the Texas Bullion Depository that is controlled by the comptroller or another entity appointed by the comptroller. There will be no limit on the amount of gold-backed digital currency that Texans can purchase. The value of each unit of the digital currency will be determined at the time of a transaction and must be equal to the value of the appropriate fraction of a troy ounce of gold at the time of that transaction.