Bill > HB2463

This bill establishes the West Virginia Legal Tender Act, which creates a state-run Bullion Depository that will accept gold and silver bullion and coins as legal tender. The depository, managed by the State Treasurer, will allow individuals to deposit precious metals and create a digital transactional currency backed directly by these physical assets. Specifically, the bill defines key terms like "bullion" and "specie", authorizes the creation of a special administrative account, and outlines the administrator's powers to manage the depository, including establishing security measures, maintaining insurance, and setting exchange rates. The bill provides tax exemptions for bullion and specie exchanges and ensures the confidentiality of account holder information. Account holders can deposit gold and silver and receive electronic currency that represents their exact metal holdings, with each unit of currency corresponding to a specific fraction of a troy ounce of gold or silver. The depository will be entirely self-funded through administrative fees and will operate as a state agency within the Treasury, with deposited metals held in trust and protected from legislative appropriation. Importantly, the bill also amends existing state law to recognize gold and silver coins and bullion as legal tender for debt payments and tax settlements in West Virginia.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2463&year=2025&sessiontype=RS&btype=bill