Bill > SB112

This bill establishes a new framework for currency in South Dakota, recognizing gold and silver specie, which refers to coins or refined metal (bullion) of at least 99.5% purity for gold and 99.9% for silver, as legal tender for debts, taxes, and fees, starting July 1, 2027, though no one is compelled to accept it unless by mutual agreement or through an authorized electronic payment system. The state treasurer is tasked with creating rules to define acceptable forms of bullion, designate or establish a secure bullion depository for storing this specie, and authorize an electronic payment system that uses gold or silver specie for transactions, allowing users to buy, sell, save, or spend it. This system must be fully backed by specie held in a qualified depository and redeemable on demand, with deposits insured for their full replacement value and protected from being used in social credit scoring systems or appropriated by the state without due process. The treasurer can operate the depository directly or contract with private entities, and will report annually to the Legislature on the depository's status, the payment system's implementation, and the economic impact of recognizing gold and silver as legal tender, with exchanges between different forms of legal tender not creating tax liability.

Government Affairs

https://sdlegislature.gov/#/Session/Bill/26856