Assuming it were possible to create digital “bit-coin like” receipts which would entitle the bearer to title to gold held in a private depository issuing such receipts, does anyone know if such a program would violate any US laws?
There are many gold vaults out there, such as GoldMoney or BullionVault, etc., and the thought has occurred to me how convenient it would be if they would issue a bit-coin-receipt to a depositor which would be “redeemable on demand” of whomever the hold happened to be, and thus be transferrable.
Anyone know of any experts in U.S. law who might be able to weigh in on this?
Watch for what happens in arizona. there is talk of arizona making gold and silver legal tender in that state which is completely constitutionally acceptable. It is just a matter of other unconstitutional laws passed since then. If there is no interference by the national government and they also do not attempt to hut down bitcoin (very hard, they would have to basically shut down the entire internet or buy every bitcoin themselves), then i dont know what the problem would be legally with having a gold warehouse distributing paper or digital currency.
Gold backed virtual currency e-gold Ltd. based in St. Kitts & Nevis was shut down by the US justice department. It had an office and physical presence(you do need somewhere to warehouse your redeemable gold), which made it highly vulnerable to the sovereign state.