South Dakota would establish a new gold and silver-based currency system where residents can open accounts holding physical gold or silver bullion stored in state-approved vaults and use an electronic payment platform to buy, sell, and spend that bullion as legal tender. The state treasurer would authorize and oversee private companies to operate these bullion depositories and electronic payment systems. This creates an alternative currency option alongside U.S. dollars for payments and debt obligations in South Dakota.
This bill does not directly amend codified state law.
State Affairs Deferred to the 41st legislative day Passed, YEAS 7, NAYS 1. S.J. 21
State Affairs Scheduled for hearing S.J. 1
State Affairs Scheduled for hearing S.J. 1
First read in Senate and referred to Senate State Affairs S.J. 92
State Affairs — Deferred to the 41st legislative day