Bill > HB4086

This bill establishes the Michigan Bullion Depository, a state-run financial institution designed to issue and manage gold and silver-based currency, including a new digital currency called "Michcoin". The bill creates an office within the state treasury that can receive deposits of precious metals, issue digital currency backed by those metals, and allow account holders to buy, sell, transfer, and redeem their holdings. The depository will be overseen by an administrator appointed by the state treasurer and can work with private financial institutions to provide services. Account holders can deposit gold or silver and receive digital currency units representing a specific fraction of a troy ounce of metal, which can be used as legal tender or transferred electronically. The bill includes detailed provisions for account management, including confidentiality protections, security measures (including the ability to employ law enforcement officers as security personnel), and reporting requirements. The depository will generate revenue through transaction fees, with 30% of fee proceeds going to the general fund and the remainder deposited in a dedicated Michigan Bullion Depositary Fund. The bill aims to provide an alternative state-backed currency system based on precious metals, offering Michigan residents a new financial option outside of traditional banking.

Business and Industry, Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-4086