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Committee backs bill allowing optional precious-metals-backed payment platforms for state transactions
Summary
The committee favorably recommended HB195, which authorizes the treasurer to competitively procure third-party precious-metals-backed payment platforms that meet state standards for vaulting, auditing and insurance; supporters said the measure is optional for vendors and does not replace the dollar.
The committee forwarded HB195, a bill authorizing the Treasurer’s Office to conduct a public procurement to allow existing third-party platforms that back electronic payments with physical precious metals to accept state transfers under defined standards.
Sponsor Representative Ken Ivory described the proposal as an optional transactional choice that would allow vendors and service providers to be paid…
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