According to PANews, Texas Congressman Cody Harris believes that gold-backed tokens issued by the state government can serve as a gateway to exploring digital assets such as Bitcoin.
In April 2023, Texas lawmakers proposed creating a gold-backed digital currency, with each unit representing a fraction of the gold held in a trust. Harris said this could help skeptics accept cryptocurrencies and transition to decentralized assets.
Harris is opposed to central bank digital currencies, but supports Texas' gold-backed digital currency project, believing that government-issued tokens are more reassuring than those issued by start-ups.