Texas lawmaker: Gold-backed tokens could play a key role in cryptocurrency adoption

ChainCatcher news, according to Cointelegraph, Texas House Republican Cody Harris spoke on November 21 at the North American Blockchain Summit about the development of Texas's gold-backed token. He believes that the gold-backed tokens issued by the Texas government could serve as a gateway for Texans to explore digital assets like Bitcoin.

Previously, in April 2023, two Texas lawmakers introduced two bills aimed at creating a state-issued digital currency backed by gold. Under the plan, each unit of the digital currency would represent a specific fraction of an ounce of gold held in trust. Harris stated that this initiative could help skeptics become more accepting of cryptocurrency by providing a government-issued digital alternative before transitioning to decentralized assets like Bitcoin; for those who are very reluctant to own Bitcoin or explore cryptocurrency, tokens issued by startups may feel somewhat "reassuring" compared to government-issued tokens. While encouraging Texas's gold-backed digital currency project, Harris is opposed to central bank digital currencies (CBDCs).