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Showing posts with label legal tender. Show all posts
Showing posts with label legal tender. Show all posts

Thursday, June 8, 2017

Bitcoin regulation in the U.S. still in the 'Wild West' stage as each state is passing different laws regarding its use

There are two types of recognized money in the United States... Constitutional money (gold and silver), and whatever Congress determines to be legal tender.  And this means that for the 50 states, they are somewhat limited in what they themselves can deem as money in this new era of cryptocurrencies.


And this is why it will be a very long time before there is a both a standardized acceptance, and a designated universal platform regarding monetary regulation of Bitcoin and other cryptocurrencies.  But for now these digital currencies are functioning in the realm of 'old west' territories where governance came from a local administrator since there has yet to be full guidance given regarding their labeling and use from the Federal government.

Take for example the state of New Hampshire, which on June 7 signed into law the exemption of Bitcoin from their own local monetary transmission regulations.
The governor of New Hampshire has signed a bill into law that exempts digital currency traders from the state's money transmission regulations. 
Public records show that Gov. Chris Sununu signed measure on 2nd June, more than a month after the state's legislature completed work on the bill. The measure was first introduced in January. 
According to the text of the bill, the new rules exempt "persons conducting business using transactions conducted in whole or in part in virtual currency" from the state's money transmitter regulations. 
The newly-signed bill also stands out for what is effectively deregulation for the state's trader community, whereas other states have looked to beef up rules for those who engage in similar activities. As might be expected, the effort was cheered by community members who have called for fewer regulations for those who work with digital currencies like bitcoin. - Coindesk
Or in the state of Vermont from a month ago, which passed a law labeling Bitcoin as 'Permissible Investment', which is a way for the state to skirt around the Constitution since individual states do not have the power to designate something as money or a currency outside the two types outlined at the beginning of this article.
On May 4 the Governor of Vermont, Phil Scott, signed a bill into law that recognizes bitcoin as a “permissible investment” for money transmission operations. Many bitcoin proponents believe the state is becoming an innovative region as Vermont authorities have crafted quite a few bitcoin and blockchain friendly statutes. 
Vermont’s latest amendment clearly defines bitcoin and alternative digital currencies as a “means of stored value that can be a medium of exchange, a unit of account, and store of value. Has an equivalent value in money or acts as a substitute for money and also may be centralized or decentralized.” 
As far as virtual currencies are concerned “permissible investments shall be held in trust for the benefit for the purchasers and holders of the licensee’s outstanding payment instruments and stored value obligations,” explains Vermont bill 182. - Bitcoin
Unlike Japan, which has all of its monetary statutes determined at the central government level, the United States is made up of 50 semi-autonomous and semi-sovereign territories that have some, but mostly limited, powers in designating monetary policies within their own borders.  But once a transaction occurs across state lines, then instantly the monetary oversight of that transaction falls under the authority of the Federal government.

And until Congress sees fit to make a law or determination on the use of cryptocurrencies as money or legal tender, then use of Bitcoin and their brother cryptos will remain a sort of 'black market' industry, and the ability for a critical mass of individuals and businesses accepting it as money will remain on the fringe of society.

Wednesday, April 5, 2017

Texas now joins in on the rebellion as legislature submits bill to make gold and silver legal tender

2017 has been a watershed year so far for states desiring to break away (rebel) from irresponsible fiscal policies out of Washington, and diabolical monetary policies issued by the central bank.  By this we mean that more and more states are looking hard at the potential of having gold and silver as money in the wake of rising inflation and a devaluing dollar.

So far three states have either submitted or passed legislation allowing for the metals to once again be recognized and accepted as Constitutional money, and now we can add a fourth as the great state of Texas is currently debating a new bill to allow gold and silver to become once again legal tender.

A bill introduced in the Texas Senate would establish gold and silver as legal tender in Texas. Passage of the bill would create currency competition in the state and serve to undermine the Federal Reserve’s monopoly on money. 
Sen. Bob Hall introduced Senate Bill 2097 (SB2097) on March 10. The bill includes a number of provisions to establish gold and silver as legal tender in Texas. It declares specifically that  certain gold and silver coins are legal tender, and prohibits any tax, charge, assessment, fee, or penalty on any exchange of Federal Reserve notes (dollars) for gold or silver. The bill authorizes the payment of taxes and fees in gold & silver in certain circumstances. It would also prohibit the seizure of gold or silver by state authorities. SB2097 also included provisions relating to gold and silver clauses in contracts, prohibiting payment in dollars if the contract calls for payment in gold and silver. Legally enforcing these contracts through state law would serve to encourage their use. 
Along with the establishment of a Texas gold depository authorized in 2015, passage of SB2097 would set in place all four steps states can take to encourage sound money and take on the Federal Reserve. - 10th Amendment Center
Ironically Texas had already forged ahead with another important step towards allowing gold and silver to be used as legal tender prior to SB2097 when they created a gold depository a few years back, and ordered gold owned by the state's university system to be repatriated from the Federal Reserve.  And in fact they, along with Utah, are the only current states to have either a public or private depository to hold gold for use in commerce.

Tuesday, March 14, 2017

Idaho follows Arizona this month in voting to eliminate state taxes on gold and silver purchases

With the growing expectations of a possible collapse in the dollar and other fiat currencies thanks to the nation's $20 trillion in debt, and the upcoming debate over increasing the debt ceiling, the Idaho legislature on March 14 voted overwhelmingly to eliminate capital gains and sales taxes on the buying and selling of gold and silver.

In a vote of 56-13, Idaho's legislative body joins that of Arizona who last week also voted to remove state taxation from the Constitutional monetary metals, and systematically declared that gold and silver are no longer simply commodities, but actual legal tender.

By an overwhelming 56-13 margin, the Idaho House of Representatives today voted to end all Idaho taxation on precious metals, e.g. gold and silver coins and bars. 
Bill sponsor Representative Mike Moyle (R) and the entire Republican caucus voted for the measure. If the Republican-controlled Idaho Senate follows suit and Governor Butch Otter (R) signs the bill, Idaho citizens will better be able to use gold and silver as a form of savings which protects against ongoing devaluation of America’s currency. 
Backed by the Sound Money Defense League, Idaho Freedom Foundation, Money Metals Exchange, and grassroots activists, HB 206 expands Idaho’s existing sales tax exemption to end Idaho income taxation of sales of “precious metals bullion” and “monetized bullion.” - Money Metals

Monday, March 6, 2017

Ron Paul to speak to Arizona legislature to help push through bill to make gold and silver legal tender

On Wednesday March 8, former Congressman and Audit the Fed champion Ron Paul will be speaking to the Arizona Senate Finance Committee regarding Bill HB2014, and the benefits of making gold and silver legal tender in the state.

HB2014 encompasses two key components regarding gold and silver.  First, it recognizes the metals as legal tender in accordance with the Constitution of the United States, and second it would remove any state capital gains taxes on the sale of these metals, making it easier for Arizonan's to begin the process of using gold and silver as money now, or in the near future.

Image result for ron paul gold standard
Audit the Fed is not the only focus of the growing anti-Fed movement. For example, this Wednesday the Arizona Senate Finance and Rules Committees will consider legislation (HB 2014) officially defining gold, silver, and other precious metals as legal tender. The bill also exempts transactions in precious metals from state capital gains taxes, thus ensuring that people are not punished by the taxman for rejecting Federal Reserve notes in favor of gold or silver. Since inflation increases the value of precious metals, these taxes give the government one more way to profit from the Federal Reserve’s currency debasement. 
HB 2014 is a very important and timely piece of legislation. The Federal Reserve’s failure to reignite the economy with record-low interest rates since the last crash is a sign that we may soon see the dollar’s collapse. It is therefore imperative that the law protect people’s right to use alternatives to what may soon be virtually worthless Federal Reserve notes. 
This Wednesday I will be in Arizona to help rally support for HB 2014, speaking on behalf of the bill before the Arizona Senate Finance Committee at 9:00 a.m. I will also be speaking at a rally at noon at the Arizona state capitol. I hope every supporter of sound money in the Phoenix area joins me to show their support for ending the Fed’s money monopoly. - Ron Paul Institute

Sunday, February 26, 2017

State of Idaho joins Utah and Arizona in forging legislation to recognize gold and silver as money

Earlier this year, the states of Utah and Arizona both proposed legislation to eliminate state taxes on the buying and selling of gold and silver in a first step initiative to have them once again recognized as money and legal tender.  Now on Feb. 24 we can add the state of Idaho to the mix as the growing trend towards returning to sound money is starting to pick of steam.

A bill introduced in the Idaho House would eliminate state capital gains taxes on gold and silver specie, and encourage its use as currency. Final approval of the legislation would help undermine the Federal Reserve’s monopoly on money. 
House Majority Leader Mike Moyle introduced House Bill 206 (H206) on Feb. 23. The legislation would amend Idaho revenue statutes, providing “that capital gains and losses on precious metals bullion and monetized bullion sales be added to or subtracted from Idaho taxable income.” 
The Framers of our nation established that gold and silver are money, but federal taxing authorities in recent decades have required taxpayers to pay taxes on this form of money when its exchange for Federal Reserve Notes results in nominal capital “gains.” 
Similar to a bill recently passed by Arizona’s state House, Idaho H206 is a pure and tax neutral proposal. That’s because both precious metals gains (income) and losses are backed out of the calculation of one’s Idaho taxable income.   While HB206’s passage will have little fiscal impact as to Idaho tax revenues, it will have a larger impact on Idahoans’ freedoms. 
Enjoying the backing of the Sound Money Defense League, the Idaho Freedom Foundation, and Money Metals Exchange (an Idaho-based national precious metals dealer), the Idaho proposal seeks to correct the misclassification of precious metals by the IRS as “property” rather than money.  It is only because of this misclassification in the first place that precious metals income and losses are included in the federal adjusted gross income number that flows through to the taxpayer’s Idaho tax return. - Tenth Amendment Center

Thursday, February 9, 2017

Bitcoin goes mainstream as Japan legalizes the crypto-currency and designates it as legal tender

As major world currencies such as the Yen, Yuan, and Euro struggle to remain viable in an eroding global monetary system, some governments are slowly coming to accept the advent of alternative mediums of exchange that their citizens can use to protect their purchasing power.

Since 2009, dozens of central banks have embarked on a currency war following the 2008 global financial crisis in order to protect their economies and especially their exports.  And ironically it was this same year that Bitcoin came onto the scene as the world's first crypto-currency.

And over the past eight years governments have struggled with how to deal with a form of currency that they could not control, tax, or regulate, and Bitcoin inevitably followed the path laid out by Mahatma Gandhi when he used a non-violent method of rebellion to eventually secure India's freedom from Britain.
"First they ignore you, then they laugh at you, then they fight you, then you win."
And on Feb. 9 we may have just seen the first real victory for Bitcoin acceptance in the mainstream as the Japanese government has officially decreed Bitcoin to now be considered as legal tender, and welcomed it for use by individuals and businesses.
Embracing cryptocurrency, Japan has a new law that will make bitcoins usable as legal tender. Companies hoping to deal in the new currency, however, must submit to a long list of regulations to ensure that the ‘coins’ are not being used for criminal activity. 
Among the regulations, a company is required to have at least $100,000 in reserve currency, report their activities to the government regularly, and undergo routine external audits by the Japanese National Tax Agency. 
Japanese companies wishing to use bitcoins will be expected to pay the equivalent of some $300,000 to adopt bitcoin, and there is no guarantee that they will receive a license, even if they abide by government edicts. The steep price tag will likely discourage smaller Japanese companies from adopting the cryptocurrency. 
The measures have been put in place, according to reports, to protect the rights of consumers, as bitcoins have been involved in several notorious scams. The most famous of these was the Mt. Gox scandal, in which a bitcoin exchange company was found to be artificially inflating their holdings. At its 2013 peak, Mt. Gox handled about 70 percent of bitcoin transactions in Japan, but the scandal shuttered them. - Sputnik News
Image result for bitcoin yen

There are of course many upsides and downsides to this new initiative by Japan embracing Bitcoin.  First, centralized regulation by a government is the antithesis of what the original creators of Bitcoin desired when they created the crypto-currency almost a decade ago, and it threatens to impart a growing loss of confidence in the digital currency as people begin to see Bitcoin simply as another fiat medium of exchange subject to the whims of government.  However, acceptance by that same government could be the catalyst necessary for reaching a point of critical mass, where retailers will rush into accepting the currency as it explodes in recognition locally, and elsewhere around the world.

Additionally, and like what we have seen recently over in China, the legalizing of Bitcoin as a viable form of currency could see a massive rush by the Japanese people into exchanging their Yen or Dollars for Bitcoin, causing the price to skyrocket even higher than it is today, while also removing supply out from the general marketplace.  Because according to the original programmers, only 21 million Bitcoin will ever be created (mined), and the Japanese population could easily co-opt the entire supply if just 20% purchased just one Bitcoin apiece.

Monday, February 6, 2017

Following Utah's new plan for sound money, Arizona ready to vote on bill that would make gold and silver legal tender

Last week we published an article in which the state of Utah was preparing to vote on making gold and silver once again legal tender, and eliminating the taxation of the metals.  This move of course is to transfer the perception and belief that gold and silver are not simply commodities, but actual money in accordance with the Constitution.

And now we can add Arizona to this movement as on Feb. 2, the state legislature completed debate over the same issue regarding gold, silver, and sound money, and is getting ready to bring House Bill 2015 (HB2014) to a floor vote.

An Arizona bill that would eliminate state capital gains taxes on gold and silver specie, and encourage its use as currency, passed an important House committee today. Final approval of the legislation would help undermine the Federal Reserve’s monopoly on money. 
Rep. Mark Finchem (R-Tucson) introduced House Bill 2014 (HB2014) on Jan. 9. The legislation would eliminate state capital gains taxes on income “derived from the exchange of one kind of legal tender for another kind of legal tender.” The bill defines legal tender as “a medium of exchange, including specie, that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues.” “Specie” means coins having precious metal content. 
In effect, passage of the bill would “legalize the Constitution” by treating gold and silver specie as money. 
HB2014 passed the House Ways and Means Committee by a 5-0 vote, with four members abstaining. - Activist Post
The Constitution does not give states the right to coin money, but it does specify that they have the power to use gold and and silver as legal tender outside other currencies created and determined by Congress.  And as confidence in the fiat currency known as the dollar continues to wane, more and more states are preparing for the inevitability that the dollar will one day no longer be able to support the U.S. economy, much less the global financial system.

Saturday, February 4, 2017

Bill being introduced in Utah would open state up for using gold and silver as money while creating a state depository

On Jan. 27, legislators in the state of Utah introduced a bill that would not only recognize gold and silver as money, but would open the door for its use in both public and private commerce.

House Bill 224 (HB224) would encourage the use of gold and silver as legal tender, and set the stage for expansion of gold repositories in the state and authorize further study on several sound money policies.

A bill introduced in the Utah legislature would build on the state’s Legal Tender Act, creating a foundation for further action to encourage the use of gold and silver as money, and take another step toward breaking the Federal Reserve’s monopoly on money. 
Rep. Ken Ivory (R-West Jordan) introduced House Bill 224 (HB224) on Jan. 27. The legislation would add several provisions to state law designed to encourage the use of gold and silver as legal tender. Passage would set the stage for expansion of gold repositories in the state and authorize further study on several sound money policies. 
Specifically, HB224 would authorize the investment of public funds in specie legal tender held in a commercial specie repository. Under existing code, “specie legal tender” means gold or silver coin and bullion. “Commercial specie repository” means an institution that holds or receives deposits of specie legal tender that is located within the state. Practically speaking, passage would give the state the option to hold funds in gold and silver instead of Federal Reserve notes. - Tenth Amendment Center

Saturday, May 14, 2016

As Arizona seeks to cut pension benefits, state Governor vetoes bill to recognize gold as money

There are many states in the U.S. who have discovered that a return to a sound money backed by gold may be the only relief for their debt problems that not only threaten local governments, but state-wide pensioners.  And while places like Utah, Texas, and Oklahoma have all passed legislation recognizing gold as legal tender, one Southwestern state is rejecting this premise at a time when pensioners are being asked to accept less retirement proceeds due to massive deficits.

Arizona's Republican establishment Governor Doug Ducey just vetoed the second bill to come across his desk, which was seeking to label gold as both money, and recognized legal tender within the state earlier this week.  And instead Ducey is focusing on a new measure which would cut the rate of payments to retirees under the state's pension facility since normal investments for the program have been unable to keep up with the amount due individuals paid into the scheme.


There is no cure for zero interest rates (and negative in Europe and Japan). The central banks have created a monster, a Frankenstein that is now ravaging the economy and especially those who depend on fixed income. 
It is no longer possible to earn a yield on paper money, without taking undue risk of precisely the sort that retirement funds should not take. 
The only antidote to zero yield on paper is a positive yield on gold. 
I explained to the legislators that this bill would not fix the problem in itself. It is a necessary but not sufficient step. 
I made a different argument to Governor Ducey. Most legislation creates winners and losers. Those who will be hurt by a new law of course lobby against it, and may become enemies of the governor for signing it. This bill created no losers. No one would be hurt by recognizing gold as money. It would have been good for the state, adding jobs, and even tax revenue. 
Unpersuaded by either the plight of the pensioners or the prospect of business growth in Arizona, Ducey vetoed gold.  
This is his second time to shoot down gold. 
I have just two points to make about this. One, let’s stop perpetuating the myth that Republicans—or even pro-business Republicans as Ducey brands himself—are for gold. This is a big reason cited by Democrats for why they are against gold. 
Two, Governor Ducey knew he could get away with this veto because few people care. While our monetary system drowns under zero interest and runaway debt, people are worried about the Kardashians and the gender of Bruce-now-Caitlyn Jenner. - Monetary Metals

Tuesday, February 16, 2016

Oklahoma to offer bill to create a new gold bullion depository to facilitate use of gold and silver

Back in 2014, Oklahoma joined three other states in recognizing gold and silver as legal tender (money), and on Feb. 1, the state legislature created Bill SB1296 to formulate plans to create a sovereign bullion depository under the office of the Treasurer to help facilitate the use of gold and silver in commerce and trade.


OK SB1296
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 1 2016 - 25% progression
Action: 2016-02-02 - Referred to Appr/Sub-General Government and Transportation
Pending: Senate Appropriations General Government and Transportation Sub Committee
Hearing: Feb 17 @ 7:00 pm in Room 419-A & B
Text: Latest bill text (Introduced) [PDF]
Summary
Oklahoma Bullion Depository; establishing Depository in Office of State Treasurer; providing procedures. Effective date. - Legiscan

Friday, October 30, 2015

Got Karatbars? New Texas gold depository will be open for individuals and businesses to back their money with gold

When the state of Texas announced earlier this year that they were repatriating their physical gold from the vaults of the Federal Reserve back to their own, it opened the door for the one true American Republic to forge ahead with a new gold based consumer market, and a way for the state to protect their's and their citizen's wealth in a true monetary asset.

And with progress towards completing this financial program well under way, the next steps are being introduced that will allow individuals, state agencies, and even corporations to open accounts with the depository, and set the stage for a return to sound money commerce.
Major international players in the precious metals industry — and some local upstarts — are hoping to get a piece of Texas’ plan to launch an official state gold bullion depository, and the wide range of pitches they're making suggests even basic details of the project remain up in the air. 
More than a dozen companies responded to a recent request from Comptroller Glenn Hegar for input on the first-of-its-kind project. Gov. Greg Abbott signed House Bill 483 in June, directing Hegar to set up the country’s only state-run bullion depository. State Rep. Giovanni Capriglione, R-Southlake, began pushing the idea in 2013 but was only able to draw enough support from other lawmakers by requiring that the private sector run the depository and charge fees to cover its costs. 
"With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state," Abbott said when he signed the bill. 
The depository won’t just store state gold and other precious metals. The law requires that individual customers, and even school districts, be allowed to open accounts. Capriglione has described it as a bank that doesn’t do any lending. - Texas Tribune

Texas is not the only U.S. state to be bringing back gold into its monetary system.  Earlier this year Utah coordinated with The United Precious Metals Association to allows citizens within the state to open gold backed checking and savings accounts.  And in 2014, the state of Oklahoma formerly recognized gold and silver as legal tender, placing it in the growing pantheon of states that are turning back to monetary metals to protect their wealth.

But unless you live in a state such as Texas, Utah, or Oklahoma, or desire to do even more than just back your bank account with gold held in a state run vault, what options are available for you to get in on the growing world-wide paradigm change, and be prepared for when the world rejects the dollar, and rebuilds the global monetary system with gold?

The answer lies in a company called Karatbars.




Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, Karatbars is working on a new e-wallet system that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbars, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.


The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold.  And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?

To learn more about Karatbars, you can contact the individual who sent you this article, and click on their referral link to open a free account and begin buying, or building your own gold savings or business with the company of the future.

Sunday, April 26, 2015

J.P. Morgan Chase accelerates war on cash by disallowing customers to keep money in safety deposit boxes

First it was a policy of reporting anyone who deposits or withdrawals more than $10,000 in cash.  Then a chief economist from Citigroup calls for the abolishment of cash entirely.  And now on April 21, J.P. Morgan Chase is unlawfully enacting a new policy where customers cannot store cash in their safety deposit boxes, nor will the bank allow customers to use cash to pay on debts such as credit cards, mortgages, equity lines, and auto loans.
There is a war on cash going on in the U.S. banking system, and at the heart is the desperate need for the financial system to go entirely electronic since manipulation of the monetary system can only be fully employed if the banks no longer need physical money on deposit or onsite.
 
Read more on this article here...