Would it be possible to create a gold-backed DIGITAL currency where the State of Texas would only own the DIGITAL, but the digital coins would be directly exchangeable for physical gold?
No storage costs or fees.
No possibility of theft.
Full audit trail.
Gold WITHIN Texas (at local shops) would have to maintain at least the total amount of digital coinage. That could be done through legislation, or perhaps market forces?
Possibly 10% of the billion could be purchased in physical gold with a public vault on the UT Austin campus. Stealing $100 million in gold from the center of UT with overhead planes and security cameras and 50,000 students is kind of difficult. $20,000 each? Not enough to buy them off.