Bill > HB2123

This bill establishes the Arizona Bullion Depository, which will be administered by the state treasurer and serve as a secure location for storing gold and silver bullion, defined as refined precious metals valued primarily for their metal content, including gold and silver coins that meet specific purity standards. The depository will facilitate the use of this bullion for electronic transactions through an authorized electronic payment system, which uses the stored bullion as the basis for transactions, allows for redemption, and enables account holders to pay vendors, with the state treasurer approving the system and ensuring it complies with financial laws. Importantly, information from residents using this system will not be used in any social credit scoring system, which is defined as a system that evaluates behavior or compliance to condition access to services. The bill also recognizes gold and silver specie, meaning coin or bullion with intrinsic value used as currency, as legal tender in Arizona, allowing it to be used for debts between private parties if mutually agreed upon, or for taxes and fees if the state or its subdivisions agree to accept it, without creating tax liability for the purchase, sale, or exchange of specie or bullion, and no one can be forced to accept it except as specified. The state treasurer is authorized to adopt rules to ensure the security of these assets and transactions, prevent fraud, protect account holder data, and establish necessary fees, and must submit an annual report on the depository's operations, the electronic payment system's usage, and the economic impact of recognizing gold and silver as legal tender.

Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/83763