BITCOIN

Texas has taken its first steps in order to approve a bill that would issue a 100% gold-backed digital currency. If enacted as law, the bill, which is being discussed by a Texas House committee, would create an electronic system for users to transact and pay with this digital currency and would also allow them to execute redemptions for the gold specie, or coins, backing it. Texas House Committee Passes Gold-Backed Digital Currency Bill A Texas House committee has taken the first steps in the discussion of a bill that creates a digital currency 100% backed by gold specie. The bill, identified as HB4903 , which was introduced on March 10 by Representative Mark Dorazio, has garnered the support of 42 sponsors and is ready to exit by the House State Affairs Committee to be voted on by the House. The bill specifies that the comptroller of the state will “establish a digital currency that is backed by gold so that each unit of the digital currency issued represents a particular fractio

Professor Ashok Swain of Uppsala University’s Department of Peace and Conflict Research says Saudi Arabia joining the BRICS economic bloc “would accelerate the bilateral trading being conducted using the yuan as the trading currency. ” How Saudi Arabia Joining BRICS Could Boost Use of Chinese Yuan Ashok Swain, a professor of peace and conflict research at Uppsala University in Sweden, told Al-Monitor last week that Saudi Arabia joining the BRICS economic bloc would accelerate the use of the Chinese yuan as a trading currency. Professor Swain is head of Uppsala University’s Department of Peace and Conflict Research. He is also the UNESCO chair on International Water Cooperation. Commenting on Saudi Arabia joining the Shanghai Cooperation Organization (SCO) and the BRICS, which comprises Brazil, Russia, India, China, and South Africa, he said: There is no doubt that Saudi Arabia becoming a member of China-dominated SCO and BRICS would accelerate the bilateral trading being conducte

Federal Reserve Chairman Jerome Powell has warned of “highly uncertain and adverse” economic consequences if the U.S. defaults on its debt obligations. “No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time,” he further cautioned. Fed Chair Jerome Powell’s Debt Default Warning Federal Reserve Chair Jerome Powell has warned of the potential consequences of a U.S. debt default. “We’d be in uncharted territory and the consequences on the U.S. economy could be highly uncertain and adverse,” he said this week, adding: No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time. Powell’s warning came after the Federal Reserve increased its key interest rates by 25 basis points this week — its 10th hike in 14 months. The increase takes the Fed Funds Rate to a target range of 5%-5.25%, the highest since August 2007