Colorado Honest Money Act (HB09-1206)
The Colorado Honest Money Act, introduced on January 29, 2009, would establish a system for certain transactions to allow the state and political subdivisions to make and receive payment using an electronic gold currency. Such transaction would include:
- Taxes and other involuntary charges;
- Purchase or sale of property by the state or a political subdivision;
- Any payment that arises out of the exercise of eminent domain;
- Judgments, decrees, or orders; and
- Wages, salaries, fees, or other monetary compensation.
The bill would require tobacco taxes to be paid using electronic gold currency. Also, the state treasurer would designate electronic gold currency providers through which the electronic gold currency transactions will be conducted for the state and political subdivisions. Any person desiring to make or receive a payment in electronic gold currency would be required to maintain an account with an electronic gold currency payment provider.
The state treasurer together with the fiscal officers of political subdivision would oversee the implementation of the electronic gold currency system. The bill establishes qualifications for a designated gold currency payment provider and independent specie vaults as well as civil liability and criminal penalties for the inaccurate
determination of exchange rates between electronic gold currency and legal tender of the United States.
To view the bill's current status and legislative history, click here