Texas Gold-Backed Coin Can Boost Crypto Adoption: Cody Harris
Member of the Texas House of Representatives, Cody Harris, believes that the development of a gold-backed digital currency will encourage crypto adoption.
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Member of the Texas House of Representatives, Cody Harris, believes that the development of a gold-backed digital currency will encourage crypto adoption.
At the North American Blockchain Summit 2024, Harris stated that such a token could help Texans explore digital assets like Bitcoin. He also expressed strong support for Bitcoin miners, emphasizing that they are welcome in Texas.
The gold-backed currency Harris mentioned in his speech is intended to serve as a trustworthy alternative to the US dollar.
Bills to create a state-issued gold-backed currency were introduced in the Texas Senate and House in spring 2023. According to the proposals, each unit of the currency would be backed by a corresponding fraction of a troy ounce of gold. However, the initiative has not yet been passed.
Harris also criticized Central Bank Digital Currencies (CBDCs), describing them as detrimental to the nation.
Texas has become an attractive crypto hub due to its business-friendly approach to virtual assets. The state is even considering adding Bitcoin to its strategic reserves.
On November 21, Dennis Porter, CEO and co-founder of the nonprofit advocacy group Satoshi Action Fund (SAF), announced that he had been officially invited to meet with lawmakers across the USA to present this topic.
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