Texas moves to create gold-backed digital currency
(www.kitco.com)
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What fresh retardation is this? This is unconstitutional, and even if it wasn't, why not a gold back physical currency as opposed to a digital one?
This is a cynical and underhanded attempt to get rid of physical currency by dangling the word 'gold' in front of it.
It's not unconstitutional to have a local, voluntary currency. The USA wasn't on one standard currency until the creation of the Creature From Jekyll Island, the Federal Reserve in 1913.
Utah already has a local, gold-backed, voluntary currency known as Utah Goldbacks. Nevada, Wyoming, and New Hampshire also have them. You can hold them physically or digitally (like a bank account).
Interesting to know. Still don't trust digital currency.
Because crypto IS legal. It is only a vehicle of payment.
We carry debit cards as “cash”
Good way to stop corruption.
If it is backed by something physical, then it is good enough to have the currency be physical as well.
At this point, I'd be onboard with issuing coinage that is some quantity / percentage of gold or silver as currency.
It’s just a gimmick to sell cbdc to people sceptical to government controlled crypto.
After a few years they’ll remove the “gold-backed” part, and we’re back to a fancier full fiat.
If we’re going crypto it needs to be decentralized.
Utah already has a local, gold-backed, voluntary currency known as Utah Goldbacks. Nevada, Wyoming, and New Hampshire also have them. You can hold them physically or digitally (like a bank account). Every state should get on board with having a local, voluntary, gold-backed currency.
The government will still have the power to control your life, spy on your spendings and cancel your account. Not good.
Digital currency = being canceled. It's vaporware.
Utah already has a local, gold-backed, voluntary currency known as Utah Goldbacks. Nevada, Wyoming, and New Hampshire also have them. Every state should.