30s Summary

Texas politician Cody Harris supports the creation of a state-made gold-backed digital currency to encourage more Texans to explore cryptocurrencies. He views this as a safe and user-friendly introduction to digital currencies. In contrast, Harris opposes the idea of a central bank digital currency (CBDC), citing concerns about privacy and potential negative impacts on Texas and the US. He concludes by urging caution on the path towards launching a CBDC.

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A Texas politician thinks having a gold-backed digital currency can help get more people into cryptocurrencies. Cody Harris, from the Republican Party, talked about this during a discussion on blockchain. He believes this state-made digital coin backed by gold could help Texans try out other cryptos like Bitcoin.

In 2023, two other lawmakers from Texas put forward ideas to create this state-made digital currency backed by gold. The way it would work is that each part of this digital currency would equal a bit of an ounce of gold that is held somewhere safe.

Harris thinks that if people are nervous about getting into cryptos, this could be a good way to start. It’s like having training wheels before you ride a bike on your own. This would be a safe way for people to dip their toes into the world of cryptos before they start exploring things like Bitcoin.

While very supportive of the state digital currency backed by gold, Harris doesn’t have a good opinion of a central bank digital currency (CBDC). He sees problems with CBDCs, like spying and issues with privacy. He believes that a CBDC could be bad for Texas and the country as a whole. He strongly feels the government should be careful about their goals with a CBDC before they decide to launch one.

He added a final note saying that we need to make sure we don’t make the mistake of launching a CBDC. It’s better to come together and prevent this from happening.