HB 4086
State finance: other; office of the Michigan bullion depository and Michcoin act; create. Creates new act.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
House Bill 4086 establishes the "Michcoin Act," creating a new framework for a state-backed digital currency based on gold and silver. It establishes the Office of the Michigan Bullion Depository within the Department of Treasury, responsible for safeguarding precious metals and issuing the digital currency. The bill also outlines provisions for issuing gold and silver specie, imposing fees, and authorizing the issuance of bonds to support these initiatives. Ultimately, the bill aims to provide a secure and regulated system for digital and physical precious metal currency within Michigan.
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