Bill > HB0306

This bill amends Utah state law to establish new provisions regarding state investments in precious metals and create a gold-backed digital payment system. The bill authorizes the state treasurer to invest up to 10% of public funds from specific reserve accounts in precious metals, and requires an annual study analyzing the role of precious metals in supporting the state's economic security. Additionally, the bill mandates the development of a new electronic payment system that uses physical gold or silver stored within the state as backing for transactions. The state treasurer must conduct a competitive procurement to create this system, which will allow for voluntary participation by vendors and potentially state employees, with the option to redeem physical gold or silver. The bill includes safeguards ensuring that no vendor or state entity is required to use the system, and it does not prevent the state from using other forms of payment. The legislation also appropriates $50,000 in one-time funding for system development, with the stipulation that additional costs must be funded through non-state sources. The bill is set to take effect on May 7, 2025, and includes provisions for annual reporting on the system's performance to the Revenue and Taxation Interim Committee.

Budget and Finance, Business and Industry

https://le.utah.gov/~2025/bills/static/HB0306.html