Description
The Texas Comptroller of Public Accounts is seeking information regarding the implementation and maintenance of an electronic payment system using a digital instrument or currency backed by gold or silver held in the Texas Bullion Depository. The system should enable point-of-sale or peer-to-peer transactions and comply with relevant laws and regulations. Respondents are asked to provide information on their existing platforms or payment technologies, alternative models, and recommendations for structuring a public-private partnership.
Some key points to consider include:
• The system should be able to settle transactions in real-time, either by liquidating a corresponding amount of bullion or allowing for peer-to-peer transfers without a central intermediary.
• The system should comply with Section 10, Article I, United States Constitution, which prohibits states from coining money or emitting bills of credit.
• Respondents should address how their recommended model would achieve adoption, liquidity, and compliance.
• The system should be able to support offline payments or low-connectivity environments.
• Respondents should provide information on their recommended fee structures, risk management and consumer protection protocols, and deposit and minting processes.