“That was my hope, but we’re a little bit late to the game on doing something like that.”
It has been reported by Inforum that Toman said he sees such an asset positioned as more of a store of value than a transactional currency. He additionally believes that it could function in tandem with loans and investing.
However, regulatory 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.
Thus, the report said that while North Dakota may eventually issue its own blockchain-based asset, the US Federal Reserve currently looks toward releasing its FedNow digital money system.