SB 172
Establishing digital currency backed by gold
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes establishing a digital currency in West Virginia that is backed by gold held within the state’s Bullion Depository. The State Treasurer would oversee the creation, issuance, and redemption of this digital currency, which would be pegged to a fraction of a troy ounce of gold. The bill outlines procedures for purchasing, redeeming, and managing the gold backing the currency, as well as establishing a fee structure to cover administrative costs.
Key provisions
- Establishes a ‘digital currency’ backed by gold held in the West Virginia Bullion Depository.
- The State Treasurer will oversee the issuance and redemption of the digital currency.
- The digital currency’s value will be tied to a fraction of a troy ounce of gold.
- Gold will be held in trust by the State Treasurer or a designated trustee.
- A fee will be charged for the issuance and redemption of the digital currency.
- Proceeds from the fee will be deposited into a general revenue fund.
- Rules will be adopted to ensure security and prevent fraud.
- The currency can be redeemed for either money or gold.
Who is affected
- West Virginia residents
- The State Treasurer
- The West Virginia Bullion Depository
- Financial institutions (potentially)
- Investors
Notable changes
- Introduces a novel digital currency system backed by gold.
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