Utah Just Quietly Recognized Goldbacks As Currency

HB 268 was signed by the Governor of Utah on March 25th of 2022.

Goldbacks came out in Utah in 2019 and have since become the most popular local currency of all time with nearly ~8,000,000 Goldbacks circulating and over ~450,000 users. There are several hundred businesses in Utah that regularly advertise themselves as Goldback accepting. This means that Goldbacks have a greater acceptance rate in Utah than Bitcoin.

The State of Utah on March 25th quietly recognized the Goldback as a legitimate circulating currency in H.B. 268. The bill was introduced by House Rep. Brady Brammer who lives in the same district as Goldback Headquarters in Alpine Utah. The bill was overwhelmingly passed by the State House and Senate before being signed by the Governor. The bill clarifies and reaffirms that Goldbacks are exempt from any State Taxes that would otherwise be due. This bill is the first in any State to acknowledge Goldbacks specifically since 2019.