{"id":1933074,"date":"2023-05-18T04:38:20","date_gmt":"2023-05-18T08:38:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lone-star-state-considering-own-currency-and-its-not-just-texans-who-could-use-it\/"},"modified":"2023-05-18T04:41:55","modified_gmt":"2023-05-18T08:41:55","slug":"lone-star-state-considering-own-currency-and-its-not-just-texans-who-could-use-it","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lone-star-state-considering-own-currency-and-its-not-just-texans-who-could-use-it\/","title":{"rendered":"Texas may create its own currency, which could be used by more than just Texans."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Flone-star-state-considering-own-currency-and-its-not-just-texans-who-could-use-it%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1933074&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Texas Proposes Digital Currency Backed by Gold and Silver<\/h2>\n<p>Imagine being able to purchase gold or silver and use it for any legal purpose, not just in Texas but anywhere in the world. That could soon be a reality if a proposal in the state\u2019s Senate moves forward. The law would allow Texas to mint pure gold or silver coins based on weight and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lone-star-state-considering-own-currency-and-its-not-just-texans-who-could-use-it\/\" title=\"Texas may create its own currency, which could be used by more than just Texans.\">issue debit cards backed<\/a> by gold or silver. The value of the gold or silver would be held at the Texas Bullion Depository, and as the value of the precious metals rises, so does the spending power of the account holder. <\/p>\n<h3>A Hedge Against Inflation and a Signal to the Feds<\/h3>\n<p>The proposal is partly aimed at avoiding a federal digital dollar, a concept under consideration by the Biden administration. Republican state Sen. Bryan Hughes, the proposal\u2019s sponsor, said it is a response to worries about bank failures, inflation, and the possible creation of a federal Central Bank Digital Currency. \u201cWe know that the dollar, of course, lost more value last year \u2014 in 2022 \u2014 than any year since 1980,\u201d Hughes said. <\/p>\n<p>Republican state Rep. Mark Dorazio, who drafted a bill in the House that is similar to the Senate plan, said the proposal was \u201cone way to protect Texans from out-of-control inflation.\u201d However, some voices urge caution in any type of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elon-musk-adds-bitcoin-to-his-twitter-bio-bitcoin-surges-by-20\/\" title=\"Elon Musk Adds \u2018#bitcoin\u2019 To His Twitter Bio, Bitcoin Surges By 20%\">digital currency<\/a>. <\/p>\n<h3>Opportunity for Texas<\/h3>\n<p>Kevin Freeman, an investment expert, said if Texas develops a feasible plan, it could dominate the market for digital currency. \u201cThis is the first bill in modern times that addresses all of the issues and problems,\u201d Freeman said. <\/p>\n<p>Meanwhile, the Biden administration \u201chas been closely examining the implications of, and options for, issuing a CBDC.\u201d Republican Sen. Ted Cruz of Texas has proposed legislation to stop that idea in its tracks, saying, \u201cThe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/better-than-expected-u-s-economy-added-638000-jobs-in-october-unemployment-dropped-to-6-9\/\" title=\"Better Than Expected: U.S. Economy Added 638,000 Jobs in October, Unemployment Dropped to 6.9%\">federal government<\/a> has no authority to unilaterally establish a central bank currency. This bill goes a long way in making sure <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/christian-whiton-feds-regulate-cryptocurrencies-because-they-hate-competition\/\" title=\"Christian Whiton: Feds Regulate Cryptocurrencies Because They Hate Competition\">big government doesn\u2019<\/a>t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States.\u201d <\/p>\n<h3>Would You Use a Gold-Based Digital Currency?<\/h3>\n<p>The proposal would allow anyone in the world to purchase gold or silver to start an account and use that for any legal purpose. So, would you use a gold-based digital currency? <\/p>\n<ul>\n<li>Yes, I think it&#8217;s a great idea to have a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-says-cryptocurrencies-are-an-environmental-disaster-calls-for-regulation\/\" title=\"Elizabeth Warren Says Cryptocurrencies Are An \u2018Environmental Disaster,\u2019 Calls For Regulation\">currency backed<\/a> by precious metals.<\/li>\n<li>No, I prefer to stick with traditional currency.<\/li>\n<li>Maybe, I would need more information before making a decision.<\/li>\n<\/ul>\n<p>Let us know your thoughts in the comments below!<\/p>\n<p><em>Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>forward. The bill would establish a depository for precious metals and allow for the creation of a blockchain-based payment system. The move is seen as a way to protect against inflation and provide an alternative to the US dollar.<\/p>\n","protected":false},"author":661,"featured_media":1933075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[9789,13703,14211,3694],"class_list":["post-1933074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily","tag-create","tag-currency","tag-texans","tag-texas"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1933074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1933074"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1933074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1933075"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1933074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1933074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1933074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}