Bill
Bill > H0585
ID H0585
ID H0585Amends and adds to existing law to establish provisions for central bank digital currencies.
summary
Introduced
02/16/2024
02/16/2024
In Committee
03/15/2024
03/15/2024
Crossed Over
Passed
Dead
04/12/2024
04/12/2024
Introduced Session
2024 Regular Session
Bill Summary
RELATING TO DIGITAL ASSETS; AMENDING SECTION 28-1-201, IDAHO CODE, TO RE- VISE A DEFINITION AND TO MAKE TECHNICAL CORRECTIONS; AMENDING SECTION 28-5303, IDAHO CODE, TO DEFINE TERMS; AMENDING CHAPTER 53, TITLE 28, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 28-5307, IDAHO CODE, TO PROVIDE FOR THE RIGHT TO MINE DIGITAL ASSETS; AMENDING CHAPTER 53, TITLE 28, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 28-5308, IDAHO CODE, TO ESTABLISH PROVISIONS FOR MINING AND TRANSACTING IN DIGITAL ASSETS; AMENDING CHAPTER 53, TITLE 28, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 28-5309, IDAHO CODE, TO ESTABLISH PROVISIONS FOR THE OPERATION OF NODES; AMENDING SECTION 63-602L, IDAHO CODE, TO PROVIDE THAT DIGI- TAL ASSETS USED FOR PAYMENT ARE INTANGIBLE PERSONAL ASSETS EXEMPT FROM TAXATION AND TO MAKE TECHNICAL CORRECTIONS; AMENDING CHAPTER 23, TITLE 67, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 67-2360, IDAHO CODE, TO PROHIBIT CERTAIN CENTRAL BANK DIGITAL CURRENCY PAYMENTS; AND PROVIDING AN EFFECTIVE DATE.
AI Summary
This bill amends and adds to existing law to establish provisions for central bank digital currencies. The key provisions are:
1) It defines terms related to digital assets, such as "blockchain," "digital asset mining," and "node," and exempts digital assets used for payment from taxation.
2) It establishes a right to mine digital assets and allows mining and transacting in digital assets, prohibiting local governments from restricting these activities.
3) It allows the operation of blockchain nodes without requiring a money transmitter license.
4) It prohibits the state and local governments from accepting, transacting, or participating in any programs involving central bank digital currencies issued by the U.S. Federal Reserve, while allowing private digital currencies. The bill will take effect on January 1, 2025.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
State Affairs Committee (House)
Last Action
Filed in Office of the Chief Clerk (on 03/19/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2024/legislation/H0585/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/H0585E1.pdf |
| Amendment H0585A1 | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/H0585A1.pdf |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/H0585.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/H0585SOP.pdf |
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