- North Dakota’s US Congressman Nathan Toman is in process of issuing virtual currency.
- Called the “North Dakota Coin”, it will be a customised currency for the state.
- Taxpayers can use it to buy tokens and work on stock and other cryptocurrency portfolios.
Nathan Toman, the US Congressman of North Dakota is currently planning to issue a virtual currency which will be unique to the state. It will be called “North Dakota Coin”. Lawmakers believe that this will be protecting them from the economic disaster caused by the Covid-19. Tokens are a great means to store the value associated with the State assets like the gold owned by the state and even milling facilities, unlike currencies.
It is believed that North Dakota and Congressman is planning to use tokens for borrowing the US dollars then supplying them to taxpayers. Taxpayers can use it to buy tokens and work on stock and other cryptocurrency portfolios. Nathan Toman commented that if the value of this new coin stabilizes from the investment of North Dakota and its assets, then . people can use it as stable assets as part of the portfolio they will create.
Toman stays firm even after little interest from Authorities
However, it is interesting to note that North Dakota Bank along with the State Securities Commission has shown very little to no interest in developing any such specific to state cryptocurrencies. And yet, Nathan Toman sees and believes in the potential of these unique tokens. This can be because of the reason that apart from the autonomous region of Puerto Rico, the ability to develop virtual currencies by North Dakota lies in the state. This is from the fact that they have the only state bank in the United States along with an excellent IT Department to execute the task.
Nathan even claimed and then explained how he has even protected the state of North Dakota even in the times when the central economy has failed. James Caton, who is an associate professor at North Dakota State University Business college shares the opposite views on the proposal. He also stated that he can also consider creating ETFs or Investment Trust Products which are tied to state-produced products like oil. In his citings, he has mentioned the possibility to create a regulatory environment for attracting private investments in the crypto-related project.
Opinions for Private Companies
Private companies are more independent to execute the above task in the market. And it will also be safe for the government to observe first and then make a state desirable effort. Arizona which is also known as the Southwestern Silicon Valley was the first state to accept tax payments in cryptocurrency which was later followed by Georgia. They passed the “smart contract law” in 2017 that is guaranteeing the digital signatures which are recorded in the blockchain. And in 2018, they passed the “corporate blockchain bill”.
This bill legally was made to legally approve the data companies store and share on the blockchain. Thus allowing companies for the use of blockchain for various kinds of recordkeeping and legal certainties to startup.
Wyoming, in April 2020 revised their law allowing insurance companies to invest in digital assets and even virtual currencies. A Cardano technology development agency, IOHK has announced to move to Wyoming from Honk Kong.