Rep. Nathan Toman believes that an official “North Dakota Coin” could potentially help the state’s struggling economy in the wake of COVID-19.
Toman said:
“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.
A North Dakota representative describes a conceptual store of value $crypto asset, @benjaminpirus reports. https://t.co/gCe2glhcUC — Cointelegraph (@Cointelegraph) August 7, 2020
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.
Source: Cointelegraph | Image: CSO