Establishes the Michigan Bullion Depository and Michcoin Act, creating the Michigan Bullion Depository and authorizing the issuance of gold and.
The Michigan Bullion Depository and Michcoin Act establishes the Michigan Bullion Depository within the Department of Treasury. The act authorizes the state treasurer to issue gold and silver specie and a digital currency called Michcoin, which is based on gold and silver. The state treasurer can purchase gold or silver specie or bullion and issue Michcoin in exchange. The act details the operations of the depository, including the handling of precious metals, the establishment of depository accounts, and the issuance and redemption of Michcoin.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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