Two Texas lawmakers have introduced a pair of bills for the creation of a state-based digital currency backed by gold, a move that comes in spite of objections from several United States lawmakers against the introduction of a central bank digital currency (CBDC) backed by the U.S. dollar.

Senator Bryan Hughes introduced the Senate Bill 2334 on March 10, along with state Representative Mark Dorazio introducing the House Bill 4903 on the same day, stating that the digital currency would be backed by a fractional equivalent amount of physical gold.

“Each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust”