Business
Coro Global Democratizing Gold In Tennessee - Reaches The 31st U.S. License Milestone
Coro Global Democratizing Gold In Tennessee - Reaches The 31st U.S. License Milestone.
About this update from Coro Global Inc
[{"type":"text","content":"\n Miami, June 14, 2021 (GLOBE NEWSWIRE) --  Coro Global Inc. (OTCQB: CGLO) announced today that its subsidiary Coro Corp., was granted a U.S. Money Transmitter license by the State of Tennessee.  Coro Global is a Florida-based fintech on a mission to support people in understanding the value of using gold as resilient money. Coro is leveraging deep financial know-how and the new generation of distributed ledger technology (hashgraph) to build the infrastructure and tools for anyone to be able to buy gold in the smallest denominations and use it as easily as traditional currencies in their everyday lives. The company created CORO, a mobile payment app that allows anyone to exchange, send and save gold and dollars easily and securely. ¨With distributed ledger technologies advancing every day as well as the rapidly changing regulatory landscape, Coro is proud to be at the forefront of fintech innovation and regulatory compliance,\" said Coro CEO David Dorr.  This year Tennessee has been taking steps to cultivate an environment more conducive to sound money ownership and use.  On January 20, the state proposed a law that would exempt certain coins, currency, and bullion from the state sales tax. This would not only relieve some of the tax burdens on precious metals investors; it would also take a small step toward treating gold and silver as money instead of commodities. Tennessee is also examining the feasibility of creating a state depository to secure gold owned by the state and/or citizens. It could eventually join Texas as the only other state with an in-state, publicly managed precious metals depository. By establishing an in-state depository Tennessee could eliminate the risks inherent in using storage provided by Wall Street bullion banks, save money on storage fees, and create jobs by holding its monetary metals inside the State.  The new license authorizes Coro to transmit currency, monetary value, or payment instruments within the State of Tennessee, as well as from Tennessee to other jurisdictions. The licensure approval required implementing a rigorous compliance program and developing an advanced AML/KYC onboarding and monitoring system for anti-money laundering compliance, as well as a strict financial audit process. Coro is now licensed in 29 U.S. states, the District of Columbia, Puert...