Interesting distinction you're making here. Can you demand gold for these digital coins? Or, is the number of coins limited to the amount of gold they have? If it's the later then this is really no different than instruments such as $GLD
Here's the actual text. It's not a currency. It's a transferable token which grants you the right to a specific weight of gold. These things exist already. Any major gold vendor sells either physical gold or a certificate for a specific amount of gold.
That's not a commodity-backed currency. That's just a token to buy gold and silver.
Interesting distinction you're making here. Can you demand gold for these digital coins? Or, is the number of coins limited to the amount of gold they have? If it's the later then this is really no different than instruments such as $GLD
https://legiscan.com/TX/text/HB4903/id/2737537
Here's the actual text. It's not a currency. It's a transferable token which grants you the right to a specific weight of gold. These things exist already. Any major gold vendor sells either physical gold or a certificate for a specific amount of gold.