Press Release — World’s First Specie Legal Tender Cryptocurrency
Quintric Offers a Workable Way to Spend Gold and Silver Coin
Alpine, Utah, 4th of July, 2018, 10:00pm—As fireworks lit up the sky across the American State of Utah, Quintric quietly launched the first ever Gold and Silver (“Specie”) Legal Tender Cryptocurrencies. Under U.S. law, virtually every other crypto in existence constitutes taxable property — a reporting nightmare for U.S. taxpayers. By contrast, these fully KYC/AML/GDPR compliant gold “Quint” and silver “QuintS” tokens are payable in specie legal tender on demand, just like the bank notes of yesteryear.
By pegging its monetary tokens to stable, U.S. Treasury published, retail, proof pricing, Quintric effectively tamps down the speculative craze that has made most cryptos essentially useless as actual currencies. In essence, the Quintric system aims to solve the decades-old problem surrounding the mechanics of actually spending the American Eagle/Buffalo coins by which the Reagan Administration re-monetized gold and silver, breaking the 20-year moratorium on precious metal legal tender mintage first announced by President Johnson from the Rose Garden in 1965.
“When it comes to cryptocurrencies, technologies have outpaced legalities for far too long” said Larry Hilton, the attorney who conceptualized the Utah Specie Legal Tender Act (2011), followed by Oklahoma (2014), Arizona (2017) and Wyoming (2018). Stan Larimer affectionately known as "The Godfather of Bitshares” (the platform hosting the new monetary tokens) observed that “the Quintric system beautifully resolves the disconnect between theory and practice, making true Choice in Currency a reality from now on.”
As part of its tireless pursuit of reliable, verifiable accountability, Quintric plans to implement within days of its token launch a state-of-the-art, first ever, streaming video, gold vaulting facility. Coupling that service seamlessly with the advanced blockchain technology offered through Bitshares yields an unprecedented level of fully transparent monetary services that will enable token holders to remotely audit the authentication of each gold coin added to the Quintric holdings.