"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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