Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1826

Introduced

2/5/24

Refer

2/6/24

Caption

Digital currency; creating the Digital Currency of Oklahoma Act; establishing a digital currency backed by gold. Effective date.

Impact

The implementation of SB1826 could revolutionize financial transactions within Oklahoma by offering residents an alternative to traditional forms of currency. The digital currency will not only facilitate online transactions but may also enhance the security and efficiency of monetary exchanges. However, the state’s gold-backed approach means that the value of this digital currency will be closely tied to fluctuations in gold prices, potentially impacting its stability and acceptance in broader markets.

Summary

Senate Bill 1826, known as the Digital Currency of Oklahoma Act, aims to establish a state-backed digital currency in Oklahoma that is backed by gold. The bill mandates the Office of the State Treasurer to create a framework for this digital currency, which will be based on the value of gold, where each unit of the digital currency issued represents a fractional ownership of gold held in trust. This legislation marks a significant step towards integrating digital currency into the state’s financial ecosystem, reflecting growing trends in cryptocurrency adoption globally.

Contention

Concerns surrounding SB1826 include the complexities related to regulatory compliance and the potential risk of financial liabilities for the state. Critics argue that tying the digital currency's value to gold could limit the flexibility necessary to adjust to market dynamics and might create complications in monetary policy. Moreover, the provision allowing the State Treasurer to set transaction fees raises concerns about the accessibility of this digital currency, which could disproportionately affect lower-income residents.

Companion Bills

No companion bills found.

Previously Filed As

OK HB1600

Digital asset mining; sales tax exemption; effective date.

OK SB869

Consumer protection; creating the Digital Fair Repair Act; requiring disclosure of certain documentation, parts, and tools for repairs. Effective date.

OK SB322

Libraries; digital or online library database resources; updating statutory language. Effective date. Emergency.

OK SB816

Oklahoma Bullion Depository; establishing depository in the office of the State Treasurer; providing procedures. Effective date.

OK SB506

Meat and poultry inspections; authorizing the Oklahoma Department of Agriculture, Food, and Forestry to review methods of remote viewing or other digital inspection. Effective date.

OK HB1894

County records; storage of records kept by county offices; permitting the use of digital copies as originals; permitting fee; effective date.

OK SB521

Libraries; clarifying application of certain digital or online library database resource provisions to institutions of higher education. Effective date. Emergency.

OK SB181

Meat and poultry inspections; authorizing the Department of Agriculture, Food, and Forestry to review methods of remote viewing or other digital inspection. Effective date.

OK HB2420

Schools; directing State Department of Education to develop best practices and recommendations for instruction in digital citizenship, internet safety, and media literacy; effective date.

OK SB1114

Elections; requiring the State Election Board to update certain system; requiring ballots to be digitized and made available to the public. Effective date.

Similar Bills

OK HB2860

Revenue and taxation; Oklahoma Remote Quality Jobs Incentive Act; benefit payments; procedures; fund; effective date; emergency.

OK HB3959

Rebate payments; creating the Oklahoma Five Major Sports Leagues Rebate Program Act; providing rebate payments for certain establishments; prescribing requirements for qualification of payments; providing transfer of certain monies to the Oklahoma Quick Action Closing Fund; prescribing procedures; effective date.