Utah explores gold backed payment system for economic freedom

In a recent government meeting, officials discussed the potential implementation of a gold-backed electronic payment system in Utah, emphasizing the need to protect citizens' rights to use gold as currency. The conversation highlighted the constitutional basis for such a system, referencing Article 1, Section 10, Clause 1, which restricts states from making anything other than gold and silver a currency.

Participants expressed the importance of ensuring that individuals are not taxed merely for maintaining their purchasing power, particularly in relation to capital gains. The discussions also touched on the state's significant mining industry, suggesting that facilitating gold transactions could bolster Utah's economy and position as a leader in financial technology.

A key point raised was the necessity of establishing clear guidelines for an alternative payment system that would allow for the monetization of gold without complicating transactions for everyday consumers. Officials proposed forming a study committee to explore the capabilities and implications of such a system, including how it could be integrated into existing financial frameworks.

Concerns were voiced about the practicalities of using physical gold in transactions, with suggestions that a digital platform could streamline the process and maintain trust and transparency. The meeting concluded with a consensus on the need for a well-defined request for proposals (RFP) that would outline the criteria for potential solutions, ensuring that any responses would align with the state's objectives for a gold-backed payment system.