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"When is Utah going to accept its own legal tender?" Bowen said.
Doing so would be impractical, Utah State Treasurer Richard Ellis said, adding that it could potentially violate another state law that prohibits agencies from holding gold as an asset because of the volatility of the commodity.
There is also ample room for fraud, Ellis said.
"I'm very concerned that this has potential for money laundering and other types of illegal activities. . Nobody's fleshed out all these details, and they want to have as little regulation and oversight as possible," Ellis said. "In my mind there's still no practical way of making this happen."
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