This bill proposes the establishment of a new chapter in the Code of West Virginia, specifically focused on creating a digital currency backed by gold held in the West Virginia Bullion Depository. The legislation outlines the roles and responsibilities of the State Treasurer, who will oversee the establishment and administration of this digital currency. Key provisions include the definition of digital currency, the establishment of rules for its security and fraud prevention, and the creation of a trust to hold the gold backing the currency. The State Treasurer is also authorized to contract with private vendors for the implementation of the digital currency.

Additionally, the bill details the processes for purchasing and redeeming the digital currency, including the conversion of currency to both money and gold. It specifies that the value of the digital currency will be tied to the current value of gold, and establishes a fee structure to cover administrative costs. Importantly, funds related to the digital currency will be held in trust and will not be subject to legislative appropriation, ensuring that they are reserved for the currency holders. The act is set to take effect on September 1, 2026.

Statutes affected:
Introduced Version: 11C-1-1, 11C-1-2, 11C-2-1, 11C-2-2, 11C-2-3, 11C-2-4, 11C-2-5, 11C-2-6, 11C-2-7, 11C-2-8, 11C-3-1