Establishing digital currency backed by gold

West Virginia's SB 172 would create a state-issued digital currency backed by physical gold stored in the West Virginia Bullion Depository. Residents could purchase units of this currency, with each unit representing a specific fraction of a troy ounce of gold held in trust. The currency can be redeemed either for cash (based on current gold value) or for physical gold, with fees applied to transactions. All funds from purchases and gold sales would be held in a dedicated trust fund, separate from regular state appropriations, managed by the State Treasurer.