Texas Legislature Paves the Way for Digital Gold Currency
June 3, 2023
In a milestone event for those advocating sound money principles, Texas is on the verge of making history. Texas’s legislative body is taking a giant leap towards the adoption of a digital currency, one anchored to gold. The bill in question, House Bill 4903, has found favor with a Texas House Committee, and its premise is simple but transformative – a digital currency entirely underpinned by gold.
If enacted, Texans will have access to a new form of exchange medium redeemable in either cash or physical gold.
The pioneering spirit of Texas has driven advancements in the digital gold sector for almost a decade. This latest endeavor exemplifies the state’s commitment to developing a secure and reliable digital gold currency for Americans.
G-Coin®: 10 Years in the Making
The innovative approach we at Qenta have adopted to digitize responsibly sourced gold has earned acclaim and trust among consumers, enabling a straightforward and dependable way to transact and maintain ownership of physical gold via our groundbreaking digital asset, G-Coin®.
But G-Coin® isn’t just any digital asset. Each G-Coin® constitutes an electronic document of title to one gram of responsibly sourced gold, secured safely in fortified vaults. From mine to vault, every gram of gold in our supply chain is carefully tracked and digitized into G-Coins® on a protected blockchain. Through our award-winning Responsible Gold™ supply chain application, we provide a window into the provenance of the underlying 99.99% pure, 24k gold, at every point in the supply chain. This gives conflict-free gold a new dimension, enabling it to function as a means of saving, a wealth transfer medium, and even as a payment mechanism.
Unlocking Opportunities within the Responsible Gold™ Ecosystem
The Responsible Gold™ ecosystem has been purposefully built for financial markets, boasting a platform capable of handling thousands of concurrent trades with settlement finality generally achieved in less than one second. Security is paramount, as our ecosystem leverages advanced blockchain cryptographic algorithms to deliver the highest levels of protection and make G-Coin® an easily tradable asset, offering multiple use cases for various stakeholders. So, who stands to gain from our Responsible Gold™ ecosystem? The answer, in short, is everyone.
Multinational Companies: Simplifying Cross-Border Transactions: For multinational corporations managing cross-border B2B payments, which are projected to exceed a staggering USD $40 trillion by 2024 according to Juniper Research, G-Coin® can offer a more efficient, cost-effective platform. Our system helps alleviate the need for intermediaries, saving cost, time, and minimizing volatility.
New Investment Groups: Embracing Ethical Investment Practices: As traditional portfolio managers increasingly integrate environmental, social, and governance (ESG) factors into their decision-making processes, global ESG assets are on track to exceed USD $50 trillion in value by 2025, according to Bloomberg Intelligence. However, funds lacking proof of ethical mining and production practices are ordinarily unable to invest in gold. G-Coin® opens the door for various institutions with ethical mandates, including family offices, sovereign wealth funds, pension, hedge and mutual funds to gain exposure to Responsible GoldTM. We also anticipate an influx of younger investors drawn to G-Coin® by their ethical awareness, digital literacy, and interest in alternative currencies.
Global Citizens: Safeguarding Wealth and Purchasing Power: In markets sensitive to inflation, volatility, or currency devaluations, people seek alternatives, such as cryptocurrencies, to preserve their wealth. However, cryptocurrencies often exhibit extreme volatility, making them more of a speculative investment than a secure long-term hold. The introduction of a digitized gold product like G-Coin® offers an appealing solution. Users can use their local currency to purchase G-Coin® in an effort to protect their wealth and purchasing power, knowing that their G-Coin® represents real physical gold securely vaulted in their name.
At the Core of Our Operation is Trust
Trust is the cornerstone of our Responsible GoldTM ecosystem. By utilizing a permissioned blockchain platform, we combine role-based security and state-of-the-art technology to create a secure and transparent environment. Through rigorous Know-Your-Customer (KYC) and Know-Your-Business (KYB) processes and continuous transaction monitoring, we ensure the vetting of both individuals and companies. G-Coin® transactions are securely recorded on a distributed ledger, immutably tracking the physical ownership of Responsible GoldTM throughout the network.
Gold is globally recognized as a reliable store of value and is among the largest financial assets in terms of daily trading volume. G-Coin® represents tokenized ownership of specific bars (or portions thereof) of responsibly sourced gold stored in high-security vaults. G-Coin® owners can trace the provenance of each G-Coin®, including the mine it originated from and the refining process. Subject to certain limitations, G-Coin® may be redeemed for either cash or physical gold.
Democratizing Finance and the Gold Market
We firmly believe in making gold – the symbol of sound money – accessible to everyone, not just a privileged few. In traditional gold trading, retail customers often face substantial spreads when buying small amounts of gold. By fractionalizing gold kilobars and offering better pricing to retail customers , G-Coin® levels the playing field, making gold accessible to a broader audience. As the Legislature of the State of Texas paves the way for the creation of a local digital gold currency, Qenta remains more committed than ever to lead the charge in this exciting new frontier.
For more information on G-Coin®, feel free to visit our website at www.gcoin.com. Together, let’s shape the future of the digital economy.