Work group advances RFP plan for state‑sanctioned gold‑backed payment system amid debate on consumer protections
Lawmaker-led members proposed an RFP to identify providers of a Utah‑vaulted, gold‑backed electronic payment system as a contingency payment platform; participants emphasized that participation must be voluntary and that the RFP include vaulting, redemption, auditing, escrowed source code, and consumer‑protection language.
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Lawmaker (S4) described bill 2 as a request for proposals tasking the treasurer's office to identify qualified vendors for a gold‑backed electronic payment system the state could use as a contingency payment platform. "It would be an RFP," S4 said, and participants listed selection criteria including Utah‑vaulted bullion, redemption parameters to Federal Reserve notes or physical gold, audit and insurance requirements, escrow of critical technology, and oversight by the treasurer.
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