PANews November 22 news, according to Cointelegraph, a Texas lawmaker believes that the proposed gold-backed digital currency in the state could play a key role in promoting the adoption of cryptocurrency. Texas House Republican member Cody Harris spoke about the development of Texas's gold-backed tokens at the North American Blockchain Summit on November 21. In a fireside chat with Coinbase's David Duong, Harris argued that state-issued gold-backed tokens could serve as a gateway for Texans to explore digital assets like Bitcoin.
In April 2023, two Texas lawmakers introduced two bills aimed at creating a state-issued digital currency backed by gold. Under this plan, each unit of the digital currency would represent a specific fraction of an ounce of gold held in trust. Harris stated that this initiative could help skeptics become more accepting of cryptocurrency by providing a government-issued digital alternative before transitioning to decentralized assets like Bitcoin; for those who are very reluctant to own Bitcoin or explore cryptocurrency, tokens issued by startups may feel somewhat 'reassuring' compared to government-issued tokens. While encouraging Texas's gold-backed digital currency project, Harris is opposed to central bank digital currencies (CBDCs).
