Taxes Aimed To Establish A Gold Backed Crypto
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Despite opposition from several United States lawmakers against introducing a central bank digital currency (CBDC), Two Republican lawmakers from Texas have introduced legislation that could see the state establish a gold-backed digital currency.
Senator Bryan Hughes and Representative Mark Dorazio introduced Senate Bill 2334 and House Bill 4903 on March 10, respectively. The legislation states that a fractional equivalent amount of physical gold would back the digital currency.
The bills propose that “The comptroller shall establish a digital currency that is backed by gold so that each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust.”
Once a person purchases a certain amount of digital currency, the comptroller uses the money received to buy an equivalent amount of gold. The purchaser would then receive digital currency equal to the amount of gold that the comptroller purchases with the money.Source
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