Texas SB665 establishes a digital currency based on gold and silver, managed by the Texas Comptroller.

The bill, Texas SB665, outlines the creation and management of a digital currency backed by gold and silver specie and bullion. The Texas Comptroller is tasked with establishing and issuing this digital currency, which represents a fraction of a troy ounce of gold or silver held in trust. The Comptroller will maintain a pooled depository account in the Texas Bullion Depository to hold the bullion and specie. The Comptroller may also contract with a private vendor to establish the digital currency.

Texas SB665 establishes a digital currency based on gold and silver, managed by the Texas Comptroller.

The bill, Texas SB665, outlines the creation and management of a digital currency backed by gold and silver specie and bullion. The Texas Comptroller is tasked with establishing and issuing this digital currency, which represents a fraction of a troy ounce of gold or silver held in trust. The Comptroller will maintain a pooled depository account in the Texas Bullion Depository to hold the bullion and specie. The Comptroller may also contract with a private vendor to establish the digital currency.