We created Hash Labs with a singular focus: to create exceptional technology solutions that make it easy to use gold as money. With products like Venmo and Zelle it’s never been easier to send and receive U.S. dollars from our mobile phones but what if you want an alternative to U.S. dollars?
Many Americans, as well as other global citizens, have watched debt skyrocket in their home countries and they rightfully are concerned about the impact this will have on the purchasing power of their local currency. Fortunately, legislators are stepping up in the United States and passing laws that explicitly permit the use of gold as money.
In 2011 Utah led the charge by making it permissible to use gold issued from the U.S. mint as money. Utah even took the bold step to eliminate sales and capital gains taxes on gold, truly recognizing it as a currency. In 2013 Louisiana and Texas passed laws to also exempt gold bullion from sales and capital gains tax. Since then the trend has moved quickly.
You probably didn’t know this but there are now 38 U.S. states that have a sales tax exemption for gold bullion. Alabama was the most recent last year becoming 38.
In 2017 Tennessee Representative Bud Hulsey wanted to take gold legislation even further and he did so by introducing House Bill 0777 which would require the state treasurer to hold 40% of the rainy day funds in gold bullion or other precious metal bullion.
Judy Shelton, who many consider being one of Trump’s next top picks for a spot at the Federal Reserve also believes in the gold standard.
Last week we discussed Facebook’s Libra coin and critiqued some of its technological design as well as what we felt was a flawed approach with their concept of using a basket of currencies to back their cryptocurrency. Apparently, we were in good company as that same day Steve Forbes wrote an open letter to Mark Zuckerberg advising that Libra be backed by gold.
“People hunger for trustworthy money.”
The point of all of this is that the desire to have sound money has never been stronger. The momentum for gold as currency is gaining just like what took place in the cannabis industry except the movement is faster and with much wider reaching implications.
Stay tuned and you’ll learn how our special project Coro is about to revolutionize global payments using gold as currency.