Texas Committee Passes Bill To Create 100% Reserve Gold And Silver-Backed Transactional Currencies
As I reported earlier last week at GCR Real-Time News, individual states in the USA have a constitutional right to recognize gold/silver as legal tender.
Over 30 states are currently proposing and passing legislation along this path.
Because under the US Constitution, states are bound to only recognize and use gold and silver as legal tender. Which means, they can technically reject the current “Federal” US Dollar as it is a fiat currency, not backed by gold or silver since 1971.
With the growing possibility of the Federal, US Treasury introducing a fiat CBDC (Central Bank Digital Currency) which can enable unprecedented tracking and control over US citizens, a growing number of states are preparing to reject such Federal control and limitations of freedom.
Texas continues to lead the way with their latest legislation.
Details on latest Texas HB4903 State Legislation:
“On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies.”
“The comptroller would also be required to create a mechanism to use 100% backed gold and silver digital currencies in everyday transactions.”
“The creation of state-issued gold-backed and silver-backed digital currencies would create currency competition with Federal Reserve notes and undermine the Fed’s monopoly on money. It would also provide a sound money-backed competitor if the Federal Reserve implements a central bank digital currency.”
Source: GCR Real-Time News
https://t.me/GCR_RealTimeNews/288GCR Real-Time News, [May 7, 2023 at 16:01]
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