Plan For Gold-Backed Digital Currency Emerges from Texas Legislature
Texas lawmakers have proposed a glittering innovation that could shake up the cryptoverse: a gold-backed digital currency. In a bold move, identical bills have been introduced to create a state-based crypto asset that would be supported by the precious metal. But the proposal has raised eyebrows, as some US lawmakers are still against the introduction […]
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In one of its first steps towards creating an unconstrained economy, the State of Texas has decided to setup its own gold-backed bank. The decision comes in the wake of Governor Greg Abbott's decision to repatriate $1 billion worth of state's gold from an underground vault in New York. The republican plans to store this gold in a 'yet-to-be-built' facility, a step that will circumscribe taxpayers' money from leaving Texas and will further circumvent the controversial Federal Reserve System. This means thats the Texans will be able to conduct gold-backed transactions to pay for goods and....
In mid-June, Texas Gov. Greg Abbott signed into law HB 483, paving the way for Texas to repatriate $1 billion in gold from an underground vault in Manhattan operated by HSBC bank, bringing it home to be stored in a yet-to-be-built Texas Bullion Depository, reports HNGN, which also speculated whether this is the first step in Texas' plan to secede. The gold is owned by the University of Texas' endowment fund. "Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,"Abbott said in an....
Gold-backed tokens are getting increasingly popular as a more accessible alternative to investing in physical gold. What is a gold-backed cryptocurrency?A gold-backed cryptocurrency is a type of digital currency that is backed by physical gold. The currency’s value is based on the current market price of gold and can be used for transactions just like any other type of cryptocurrency.Some cryptocurrencies are backed by gold in order to tie the derivative asset (crypto) to a tangible asset (gold), thereby preventing excessive fluctuations in price. Thus, gold-backed cryptocurrency is often....
The "Gold Standard" was so far applicable only to fiat currencies. It means, that the currency in circulation in a country is backed by its equivalent worth in gold. Gold was chosen as a standard because it is universally accepted as a standard, and it still continues to be so. Recent days have seen the world gradually deviating from fiat currency to digital currency. Bitcoin and other altcoins are on the rise. Bitcoin is not backed by gold, and its value is decided by demand, supply and the number of transactions happening over the network. Thus making it more volatile compared to the....
A new face has been introduced to the digital currency world: gold. Minacoin, a new crypto-currency that will fully launched by June, does everything Bitcoin is supposed to do i.e. peer-to-peer monetary transfers over a de-centralized network. Except Minacoin is going into unchartered digital waters by backing the currency with gold. Minacoin founders Melvin Ng and David Gallo have backed up their upcoming crypto-currency with two 400 oz. of gold valued at US$1,050,000. Minacoins are also limited to 21 million in total and are pre-mined, placing the value of one minacoin at US$0.05.....