Gold and silver coins as legal currency in Utah

It’s not surprising that during this international crisis period each state does everything possible in order to be successful, to adapt to the current situation.

In the case of Utah, it seems that a previous idea/proposal – that gold and silver to be used as currency – was approved officially. “The law also will exempt the sale of the coins from state capital gains taxes.”

From the same article, we find out also that The idea is simple: Store your gold and silver coins in a vault, and Franco issues a debit-like card to make purchases backed by your holdings.

He plans to open for business June 1, likely the first of its kind in the country.

“Because we’re dealing with something so forward thinking, I expect a wait-and-see attitude,” Franco said. “Once the depository is executed and transactions can occur, then I think people will move into the marketplace.”

Other countries think about adapting the same solutions. I recently read this news: Zimbabwe: Gold-Backed Currency the Most Ideal Solution.

What do you think about gold and silver as a currency?

Lori

I’m offering public relations, communications and image counseling in everyday life and I have a PR agency – PRwave INTERNATIONAL. I am passionate about reading, blogging (I also have a blog in Romanian) and traveling. Follow me on Twitter - @violetaloredana (Romanian) and @TravelMoments.

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