Method and system for commodity-based currency for payment of accounts and elimination of payment risk
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United States of America Patent
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Sep 23, 1997
Issued Date -
N/A
app pub date -
Jun 5, 1995
filing date -
Feb 10, 1993
priority date (Note) -
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Abstract
A system and method for permitting gold or other commodities to circulate as currency requires a network of system users that participate in financial transactions where payment is made in units of gold. The gold is kept in secure storage at a deposit site for the benefit of the users. The payments in gold are effected through a computer system having data storage and transaction processing programs that credit or debit the units of account of gold held for the account of each system user.
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