Gold backed loans to Prepaid Card

79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
Currently loading the Prepaid Card requires a redemption (sale) of vaulted gold. In the US this is a taxable event that requires documentation. Many small redemption/deposits can be onerous from a reporting standpoint. See here

http://community.bitgold.com/discussion/793/us-tax-requirements-for-bitgold-personal-opinion

What about an open loan account that is backed by 100% vaulted gold that can be used to load the GoldMoney card without the need to incur a taxable event?

Comments

  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    Yes @79Au197 this is the idea that can even make BitGold purely GoldMoney as highlighted before. Indirectly this direct Gold system are preventing the spread of tax and usury. I think most members will like it and expand BitGold in this world without horizon too.
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