67-4-20. Precious metals-backed electronic payment system.
520 words·~2 min read·
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Effective 5/6/2026
67-4-20. Precious metals-backed electronic payment system.
(1)As used in this section:
(a)"Contractor" means the same as that term is defined in Section 63G-6a-103 .
(b)"Participating contractor" means a contractor that chooses to receive payment from the state through a precious metals-backed electronic payment system.
(c)"Precious metals-backed electronic payment system" means an electronic payment system that:
(i)uses physical gold or silver held in vault facilities within the state as backing for electronic transactions;
(ii)enables a system participant to redeem physical gold or silver; and
(iii)enables the state to make payments to a participating contractor.
(i)"System participant" means a person who:
(A)maintains an account within a precious metals-backed electronic payment system;
(B)conducts one or more transactions using a precious metals-backed electronic payment system; or
(C)holds redemption rights for physical gold or silver within a precious metals-backed electronic payment system.
(ii)"System participant" includes a participating contractor.
(2)The state treasurer shall:
(a)in consultation with the Division of Finance, contract with one or more third parties to establish and operate a precious metals-backed electronic payment system on the state's behalf;
(b)ensure that the precious metals-backed electronic payment system complies with all applicable provisions of Title 51, Chapter 7, State Money Management Act;
(c)consult with the State Tax Commission on potential tax implications of the precious metals-backed electronic payment system;
(d)evaluate the options and implications for allowing state employees to receive compensation through the precious metals-backed electronic payment system; and
(e)annually submit a written report to the Revenue and Taxation Interim Committee describing the status and performance of the precious metals-backed electronic payment system.
(3)The Division of Finance shall:
(a)make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, governing the use of the precious metals-backed electronic payment system by participating contractors;
(b)evaluate the options for and implications of integration of the precious metals-backed electronic payment system into the statewide accounting system; and
(c)evaluate the options and implications of allowing state employees to receive compensation through the precious metals-backed electronic payment system.
(4)To select a contractor described in Subsection (2)(a) , the state treasurer shall:
(a)issue a request for proposals in accordance with Title 63G, Chapter 6a, Part 7, Request for Proposals;
(b)include security, efficiency, and cost-effectiveness in the request for proposal's evaluation criteria; and
(c)ensure that the final contract requires that the precious metals-backed electronic payment system:
(i)is publicly available; and
(ii)complies with all applicable state and federal laws and regulations.
(5)When a system participant receives a payment or redeems physical gold or silver through the precious metals-backed electronic payment system, the system participant shall pay any transactional costs associated with the transaction.
(6)Nothing in this section:
(a)requires a contractor to participate in the precious metals-backed electronic payment system;
(b)requires a state entity to participate in the precious metals-backed electronic payment system; or
(c)prevents the state from using other forms of payment or currency for the state's operations.
Enacted by Chapter 470 , 2026 General Session