This bill proposes the creation of a new chapter in Title 51 of the North Dakota Century Code, which addresses the definitions and regulations surrounding specie legal tender, the taxation of such tender, and the status of United States central bank digital currencies. It amends Section 41-01-09 to include a definition for "United States central bank digital currency," which is described as a digital currency issued by the United States federal reserve system. The bill also introduces definitions for "specie," "specie legal tender," and outlines that specie legal tender, which includes gold and silver issued by the United States, is recognized as legal tender in North Dakota.

Furthermore, the bill stipulates that while specie legal tender is legal tender, individuals are not obligated to accept it for payment of debts or other purposes, and they cannot incur liability for refusing to do so unless specified by contract. Additionally, it establishes that transactions involving specie legal tender will not incur any tax liabilities, and explicitly states that United States central bank digital currency is not considered legal tender in the state.

Statutes affected:
INTRODUCED: 13-09.1-01, 41-01-09
Adopted by the House Industry, Business and Labor Committee: 41-01-09
FIRST ENGROSSMENT: 41-01-09