The bill would also require the Comptroller to establish and issue digital currency based on gold and silver that can be used as legal tender in the payment of debt and can be transferred electronically.
The Comptroller would be authorized to contract with a private vendor to establish the digital currency, but would be required to give preference to vendors whose principal place of business is in Texas.
The bill would require the Comptroller to hold in trust, in a pooled depository account at the Texas Bullion Depository, all gold and silver specie and bullion owned or purchased for the purpose of issuing the digital currency. The Comptroller would issue the digital currency to a person who makes a payment or designates gold or silver specie or bullion already held at the Depository to be transferred to the pooled depository account. These amounts would not be available for legislative appropriation.
The bill would require the Comptroller to provide for the redemption of the digital currency in the form of United States Dollars, specie, or bullion. The Comptroller would determine the value of the digital currency at the time of each transaction based on the value of the appropriate fraction of a troy ounce of gold or silver.
The bill would authorize the Comptroller to establish a fee for the issuance or redemption of the digital currency at a rate necessary to cover administrative costs and would credit the fee to an account in the General Revenue Fund.
This legislation would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either in, with, or outside the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature.