Texas could create a digital currency backed by gold and silver if a proposal in the state’s Senate moves forward.
The law would allow the state to mint pure gold or silver coins based on weight and issue debit cards that have their value backed up by gold or silver, according to the Epoch Times.
The proposal would allow anyone in the world — not just Texans — to purchase gold or silver to start an account and use that for any legal purpose. The gold and silver would be held at the Texas Bullion Depository. As the value of that gold or silver rises, so does the spending power of the account holder.
The Epoch Times said the proposal is partly aimed at avoiding a federal digital dollar — a concept under consideration by the Biden administration.
States are allowed to make gold and silver coins.
This is something I think I could support. No in lieu of physical assets, but in addition to them for whatever systems remain as things collapse.
I contacted NA Mint today to see if they can produce a .5 oz silver coin in plastic. I have some of their 1 Troy oz silver coins for Solari.com in plastic. They are really amazing… but a bit big for everyday commerce.
I lived in Liberia, W Africa when it’s economy was coin based with mostly $5 dollar “Doe Dollar” coins trading on the black market at 60% so one $5DD was worth $8US Dollars in Liberia and worthless outside the border.
One thing hits pretty fast. Coins are heavy. You end up carrying them in back packs and standing up real straight no matter what. You don’t want to look weighed down…:)))))))))))
North American Mint, Inc.
1600 Lexington Avenue, Suite 240-A
Rochester, New York 14606
Phone # 585-654-8500
Fax # 585-654-7761
Cel # 585-943-9285
email: info@namint.com
Website: http://www.namint.com
Man, I used to live in Rochester… never knew there was a mint there.
Lexington ave…? Jesus don’t do business with them. Wheres the retail shop, lyell ave, next to the porn store or rub n tug?
Any use of a digital currency means that its use will still be tracked. I don’t care what backs it.
True.
If one is not in physical possession of an asset, someone else has actual control of that asset.
Exactly.
Exactly.
What’s to prevent a run on gold as in 1971?
There is no such thing as a digital currency. Currency, like “Vaccine,” has a definite meaning; to wit, something fungible that is portable and that can be exchanged whenever and wherever and for whatever the owner wishes. That is not true of so =-called digital “currency.” So-called digital “currency” is a credit at the company store, and that is ALL that it is. It matters no one whit who “issues” the “stuff” or what it is “backed by.” It doesn’t belong to the “owner” because it cannot be possessed. It is not portable. And it cannot be traded whenever and wherever and for whatever the “owner” wishes.
Do not be deceived.
digital currency is a funny name for credits, credits are given for say, labor but those credits can be erased easily by fee, failure to comply with whatever. and any number of other things. It fiat that you can’t even hold.
Checkout Goldbacks. Got mine at apmex.com
Gold lamintaed to plastic in bill form. I have several for barter purposes.
As a Texan my opinion is that the creation of a Texas digital currency is as bad an idea as a federal one. If Texas is serious then mint gold and silver coins and make them legal tender in the state.