Bill > SB172

This bill establishes a digital currency in West Virginia that is backed by gold held in a state-managed depository, meaning each unit of this "digital currency" represents a specific amount of gold. The State Treasurer is authorized to create rules to ensure the security and prevent fraud related to this digital currency, and can enter into contracts to manage it. The gold backing this currency will be held in trust for the digital currency holders and must be sufficient to cover all issued currency that hasn't been redeemed. Individuals can purchase this digital currency from the state, and the State Treasurer will use the funds to buy gold, then issue the digital currency. Holders can redeem their digital currency for either money (by selling the equivalent gold) or for the actual gold itself, with the value of the digital currency tied to the current market value of gold. Funds received from selling the digital currency and from gold sales during redemption are held in trust and cannot be used by the legislature. The State Treasurer can also charge a fee for issuing or redeeming the digital currency to cover administrative costs, with these fees deposited into a general revenue fund. This act is set to take effect on September 1, 2026.

Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=172&year=2026&sessiontype=RS&btype=bill