Is it legal to open your own private bank that issues bank notes you can exchange for silver or gold bullion? Much like a silver certificate?

Other answer:

will:
It's technically legal, and there are other entities that have done this, but there are huge regulatory hurdles to overcome. And income gained in your crypto-currency still has to be reported to the IRS accurately. Look up Ithaca Hours for some idea of how this could be done.
Re Vera:
Anything like this is going to be heavily, heavily regulated. Not saying it's impossible, but the hoops you'll have to jump through for it to be legal will be extensive and costly.
Gary B:
No.

ALL banks and saving institutions are regulated by teh government.

Gert:
No, it's not legal.
TONY:
Maybe
daya shankar:
yes
tro:
if you can fulfill all the requirements to do so, of course you can
Judy:
no
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