Texas State Legislature Moves Towards Digital Currency

The way Americans use and handle currency is constantly changing. There’s no better example of this than cryptocurrency. Crypto has taken much of the world by storm, with nations such as El Salvador embracing and recognizing it as a legitimate currency.

Meanwhile, here in America, many people like Bitcoin and other forms of currency that are less subject to regulations by the government. However, Democrats are gradually working towards a way of getting their hooks into cryptocurrency.

In the latest news, the Texas state legislature is now making headlines for moving closer toward a digital currency, according to the Gateway Pundit.

What’s Going on in Texas?

A new bill making its way through the state legislature would allow digital currency that is unique to Texas and backed by gold.

Proponents of such an initiative argue that this would combat efforts to legitimize central bank digital currency (CBDC), while also breaking the Federal Reserve’s hold on money used by Americans.

News about Texas-unique digital currency backed by gold comes as conservative leaders warn about the dangers of CBDC. Unlike the currency being considered in the Texas state legislature, CBDC would give the government significant control over how Americans buy and sell goods.

Multiple GOP governors have condemned central bank digital currency and been clear they won’t stand for it in their states.

Implications For the Rest of America

If Texas approves a digital gold currency as a means of fighting CBDC, other red states may also follow suit. However, if this bill dies on the congressional floor or otherwise fails to pass into law, this could make other states think twice before pursuing a similar course of action.

In the meantime, Americans have taken to social media to weigh in on whether they think the currency being proposed in Texas is a good or bad idea.