HB 561 -- Electronic Gold Currency

Sponsor:  Guest

Beginning January 1, 2010, this bill establishes procedures for
the use of electronic gold currency by the State of Missouri.  In
its main provisions, the bill:

(1)  Defines "electronic gold currency" as a specifically defined
amount of gold, measured in an electronic gold currency unit,
that an electronic gold currency payment provider makes available
to its customers as a medium of exchange;

(2)  Requires the State Treasurer and the fiscal officer of each
political subdivision of the state to:

(a)  Designate one or more electronic gold currency payment
providers as the provider for the state and political
subdivisions;

(b)  Maintain one or more electronic gold currency accounts;

(c)  Conduct all monetary transactions involving gold and silver
through the designated provider and account; and

(d)  Prepare the necessary forms and informational material to
educate and enable persons to pay to and receive from the state
using electronic gold currency as required;

(3)  Requires the State Treasurer to quarterly report to the
Governor and General Assembly and make recommendations to the
General Assembly concerning receipts, deposits, disbursements,
and other information related to monetary transactions involving
gold and silver in any form;

(4)  Requires the State Treasurer to advise any fiscal officer
requesting information related to his or her implementation of
the bill;

(5)  Establishes procedures for electronic gold currency payment
providers to qualify for the designation by the State Treasurer;

(6)  Requires the state and political subdivisions to compel or
require any person to use gold and silver coin in that form or in
the form of a designated electronic gold currency as media of
exchange with respect to:

(a)  The calculation and payment of any tax, involuntary
contribution, charge, assessment, fee, fine, or other monetary
penalty imposed by the state or a political subdivision;

(b)  The principal and interest of any loan;

(c)  The purchase or sale by the state or a political subdivision
of any tangible personal property, assets, property, things of
value, or legal or equitable rights, easements, or other
interests;

(d)  Any monetary award or agreement related to the condemnation
of property through eminent domain;

(e)  Any judgment, decree, or order of any court, administrative
agency, or other entity of the state or a political subdivision
unless they find that payment in gold, silver, or electronic gold
currency does not constitute just compensation or that another
form of payment is necessary; and

(f)  Contracts, agreements, or other arrangements for the payment
of wages, salaries, fees, or other monetary compensation;

(7)  Allows contracts or other agreements payable by other
mediums of payment prior to January 1, 2010, to remain payable by
the other medium;

(8)  Requires taxes on tobacco to be made in electronic gold
currency units;

(9)  Allows legal tender of the United States to still be used
and requires entities to calculate costs of things of value in
United States legal tender and electronic gold currency;

(10)  Establishes guidelines when there is not sufficient gold in
the state's or a political subdivision's account with electronic
gold currency payment providers; and

(11)  Establishes guidelines with respect to an inaccurate
determination of exchange rates between legal tender of the
United States and a designated electronic gold currency that
affects the right, power, privilege, or immunity secured under
these provisions.  Anyone who knowingly or intentionally makes,
advises, aids, or attempts to conceal by the withholding,
destruction, or falsification of a record an inaccurate
determination of exchange rates will be guilty of a class B
misdemeanor.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:25 am