Texas Wants to Create Silver and Gold-Backed Fiat Currency

Rep. Mark Dorazio has filed two measures that, if approved, would establish silver and gold-backed transactional currencies. The Texas legislator filed House Bills 1056 and 1049 earlier this month.

In a report from the 10^th Amendment Center, National Communications Director Mike Maharrey explained that under the proposed regulations, the state’s comptroller would issue silver and gold coins through the state’s Bullion Depository and set up a silver and gold transactions currency. The depository would also be required to hold enough silver and gold to back the issued currency.

If passed, the measures would allow holders of silver and gold coins and currency to use them as legal tender in Texas. The silver and gold-backed currency would also be electronically transferable to another party, as well as redeemable in coins or at gold’s spot price in U.S. dollars (minus any appropriate fees).

In simple terms, the passage of either proposal would allow any individual in the state to carry out business transactions using silver or gold.

Maharrey explained that this would establish an alternative to U.S. dollars in both electronic and physical form, adding that being able to use silver and gold-backed transactional currencies would afford individuals a way to protect themselves from the loss of purchasing power. He added that making silver and gold available for everyday transactions by the public could, over time, have a huge impact on the Central Bank.

Professor William Greene explains in a paper that if individuals in different states begin using silver and gold instead of notes issued by the Fed, it could eliminate the federal government’s monopoly of money and nullify the Federal Reserve.

Greene underlines that gradually, the coins may come to hold more in value than these notes, resulting in the silver and gold coins driving out the notes from the market completely.

The proposed measures will be assigned to the requisite House committees when the next legislative session starts on January 14^th, 2025.

In other news, Representative Cody Harris recently received an update on a gold-backed token introduced in two separate measures last year. The measures, introduced by Representative Mark Dorazio and Senator Bryan Hughes, would establish a gold-backed state-issued digital currency.

The legislators believe that the proposed digital currency could increase the adoption of cryptocurrency by simplifying the use of gold and allowing skeptical individuals get more comfortable with cryptocurrency. Holders of digital currency tokens will be able to spend and accumulate gold through blockchain, eliminating the barrier that makes it hard to use the precious metal for everyday transactions.

These other possible ways of using gold and silver are likely to attract the attention of enterprises like Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) since they could open up new opportunities for the precious metals industry beyond the conventional applications to which these metals have been used as investment tools and industrial raw materials.

NOTE TO INVESTORS: The latest news and updates relating to Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) are available in the company’s newsroom at http://ibn.fm/ELRRF

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