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If Gold Units of another Country Member become Legal Tender in the Seven (7) US States, will these States be forced to become a member of GGMF?

No.

No state nor entity would ever be forced to apply to become a member of GGMF.

These seven (7) US States are AlaskaArkansasFloridaLouisianaOklahoma,  Tennessee and Texas.

However, it is important to clarify and confirm the following:

  • Once another Country applies for membership and adopts the GGMF Gold Units (GU) as Legal Tender, the seven (7) US States will automatically allow such GU, under the existing State Legislation, to be Legal Tender within the State. 
  • The fact that the GU are legal tender in the seven (7) US States, would mean that the GU can operate in parallel to the existing USD and any other currency that is also legal tender in such States.
  • The acceptance of another Country’s GU as legal tender within the seven (7) US States does not compel such States to become a member of GGMF. However, they may find that the advantages and benefits make a compelling case for consideration by the State Legislature.
  • GGMF also does not remove the right of any entity and State to use any other currency during the Transition Period
  • On application for membership the Country Member is obligated to agree a Transition Period for the conversion of its FIAT Currency into GU and at the end of the Transition Period, the FIAT Currency will no longer be legal tender.
  • However, due to the fact that it will take several years for all countries to convert, it stands to reason that other FIAT Currencies will have to be accepted as legal tender in the seven (7) US States, if they are still legal tender in their country. Accordingly, GGMF will maintain and operate a Treasury Department in order to settle such transactions and provide for the conversion of FIAT into GU and vice versa.