Texas opening gold depository, effectively makinf the federal reserve moot!

https://schiffgold.com/key-gold-news/texas-picks-company-run-state-bullion-depository/

if an electronic system of gold and storage of gold in texas becomes popular, it will be a preferred way if storing ypur wealth and make the federal reserve have serious competition. This is happening now in Austin. Anyone can deposit their gold and silver in branches of the TEXAS GOLD DEPOSITORY and can write checks and do electeonic payments against their assets as of 2018.

With this new legally sanctioned option, why would u put your money in a bank?

Do u think this has big rammifications? What if the value of gold and silver rise?

Other states and countries can use rhe depository too.

A private firm will operate it on behald of the state of Austin. Is this a bad idea?