AUSTIN—A Texas House committee has passed a bill to create 100% reserve gold- and silver-backed transactional currencies.
Rep. Mark Dorazio (R) introduced HB4903 and it has since garnered a bipartisan coalition of 42 cosponsors, according to Shiff Gold.
The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver, Shiff Gold reported.
How Specie is Defined
Specie, in the bill, is defined as “a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.”
In establishing gold and silver specie, the comptroller would be required to authorize the Texas Bullion Depository as issuer and ensure that the holder of the specie may use the specie as legal tender in payment of debt and readily transfer the specie to another person, Shiff Gold explained.
The comptroller would also be required to create a mechanism to use 100% backed gold and silver digital currencies in everyday transactions.
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