Following the early 2019 initiation of North Dakota's deep dive into blockchain use cases, a state representative who was a leader in the study, mentioned a future digital asset concept for the region.
Rep. Nathan Toman says that he desires a "North Dakota coin" He believes that such an asset could potentially help the struggling economy in the wake of COVID-19, an Aug. 7 article from Inforum said.
"That was my hope, but we're a little bit late to the game on doing something like that," Toman told Inforum regarding COVID-19 and North Dakota coin.
Toman lobbied for blockchain's many applications as part of the study, including self-governing systems, the article explained.
Backed by aspects such as state-held precious metals and property, Toman told Inforum he sees the asset positioned as more of a store of value than a transactional currency, with the asset functional in conjunction with loans and investing.
Regulating authorities put up resistance against Toman's North Dakota coin effort, although the representative retains a positive outlook for the future of the endeavor in light of the current economy and pandemic.
While North Dakota may eventually issue its own Blockchain-based asset, the U.S. Federal Reserve currently looks toward releasing its FedNow digital money system.
An Official North Dakota Cryptocurrency Could Be on the Horizon
Published on Aug 7, 2020
by Cointele | Published on Coinage
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