Texas digital gold 2023

'The provided text describes Texas House Bill 4903, an act introduced in the Texas State Legislature. Here's a breakdown of the details:

Bill Title: The bill is titled "Relating to the issuance of gold and silver specie and the establishment of a digital currency based on gold and silver; authorizing a fee."

Sponsors: The sponsors of the bill are listed as Dorazio, Capriglione, Raymond, Harris of Anderson, Stucky, and others.

Summary: The bill aims to establish a system for the issuance of gold and silver specie (coins) and a digital currency based on gold and silver in the state of Texas. It also authorizes the collection of a fee for this purpose.

Spectrum: The bill is categorized as a "Moderate Partisan Bill" with Republican support of 37-7.

Status: As of the provided information, the bill was in the "Introduced" stage and was placed on the General State Calendar.
The rest of the text contains the actual content of the bill, divided into chapters and sections. It defines various terms, such as bullion, specie, and digital currency, and outlines the rules and provisions for the establishment, administration, issuance, redemption, and value of the digital currency and gold and silver specie.

It also discusses the role of the comptroller in holding and managing gold and silver specie and bullion, establishing a pooled depository account, and contracting with private vendors for the digital currency. Additionally, it mentions the redemption of the digital currency for United States dollars or specie/bullion, the determination of the digital currency's value, and the establishment of fees for issuance and redemption.

The bill concludes by stating that it will take effect on September 1, 2023.'

'Texas House Bill 4903, currently in the legislative process, proposes the issuance of gold and silver specie (coins) and the establishment of a digital currency based on gold and silver. The bill aims to create a system where individuals can own digital representations of gold and silver held in a pooled depository account. Here are the key points outlined in the bill:

1. Definitions and Rules:

• Definitions are provided for terms such as "bullion," "specie," and "digital currency."
• The comptroller is given the authority to adopt rules ensuring the security of transactions and preventing fraud.

2. Establishment and Administration:

• The comptroller is authorized to establish and provide for the issuance of gold and silver specie.
• A digital currency based on gold and silver will be established, representing a specific fraction of a troy ounce.
• The comptroller may contract with a private vendor for establishing the digital currency, with preference given to in-state vendors.
• The Texas Bullion Depository will be authorized as the exclusive issuer of gold and silver specie.
• Holders of specie can use it as legal tender and transfer it to others.
• Holders of the digital currency can use it as legal tender and transfer it electronically.

3. Bullion Depository Account:

• The comptroller, as trustee, will hold gold and silver specie and bullion on behalf of digital currency holders.
• A pooled depository account will be established in the Texas Bullion Depository to hold the specie and bullion.

4. Issuance of Digital Currency:

• The comptroller may issue units and fractional units of the digital currency to individuals who make payments to purchase specie or bullion or designate their existing depository account holdings to be transferred.
• The comptroller will purchase the appropriate amount of specie or bullion, deposit it into the pooled depository account, and issue the corresponding digital currency to the individual.

1. Redemption of Digital Currency:
   • Individuals holding the digital currency can redeem it for United States dollars or an equivalent amount of gold or silver specie or bullion.
   • Upon redemption, the comptroller will sell the necessary amount of specie or bullion to provide the redemption amount.

6. Value of Digital Currency:

• The value of the digital currency will be determined based on the value of the corresponding fraction of a troy ounce of gold or silver at the time of each transaction, as published by the Texas Bullion Depository.

7. Trust and Fee:

• Money received, specie or bullion purchased or deposited, and proceeds from the sale of specie or bullion are held by the comptroller as trustee and are not subject to legislative appropriation.
• The comptroller may establish a fee to cover the costs of administering the digital currency, including an industry standard merchant fee. Net fee proceeds will be deposited into the general revenue fund.

If passed, this bill would allow Texans to own digital representations of gold and silver, providing an alternative means of transacting and holding assets. It establishes the mechanisms for issuing, redeeming, and valuing the digital currency while ensuring the secure storage of the corresponding specie and bullion.'

Read the text of the bill here
https://legiscan.com/TX/text/HB4903/2023

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