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," which refers to refined precious metal bullion, and "specie legal tender," which includes gold or silver specie issued by the United States.

Under the new provisions, specie legal tender is recognized as legal tender in North Dakota, although individuals are not obligated to accept it for payment of debts or other purposes, and they cannot be held liable for refusing to do so unless specified by contract. Additionally, the bill stipulates that transactions involving specie legal tender will not incur any tax liabilities. Importantly, it clarifies that United States central bank digital currency does not qualify as 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