Texas Creates Its Own Digital Currency Backed by Gold and Silver

Key Points

1. Texas Governor Greg Abbott signed a new act recognizing a digital currency backed by gold and silver, supported by State Representative Mark Dorazio and the Republican Party of Texas.

2. The digital currency will be backed by the Texas Bullion Depository, managed by the State Comptroller’s office, ensuring compliance with state and federal regulations.

3. This initiative represents the first major statewide effort in the U.S. to introduce a metals-backed digital currency for day-to-day financial transactions.

4. The system aims to provide an alternative payment method while adhering to regulatory standards, potentially influencing broader adoption of metals-backed digital currencies.