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Indiana Senate Bill No. 453
Indiana Senate Bill no. 453 addresses the use of gold by the State as well as by local governmental entities. The bill would require the Statue Treasurer to designate one or more electronic gold currency payment providers to facilitate transactions in gold for the state and its political subdivisions. Hence, the treasurer of state as well as the fiscal officers of its political subdivisions would:
  1. maintain one or more electronic gold currency accounts with a designated electronic gold currency payment provider; and
  2. conduct all monetary transactions of the state or political subdivisions through electronic gold currency accounts.
The bill further provides that an electronic gold currency payment provider must use an electronic gold currency unit that constitutes a monetary unit of account and represents a claim of title to and ownership of a specifically defined, fixed weight of gold held by an independent specie vault. Any specie exchange with which an electronic gold currency payment provider associates must conduct the business of exchanging gold and silver coin, legal tender of the United States, and the electronic gold currency of the electronic gold currency payment provider.

Finally, the bill provides that after the proposed effective date of December 31, 2009 any person receiving certain payments from the state or a political subdivision will have the option of accepting payment in either legal tender of the United States or in electronic gold currency. However, neither the state nor any of its political subdivisions shall have the right to compel or require any person to recognize, receive, pay out, deliver, promise to pay, or otherwise use or employ anything but gold and silver coin (in that form or in the form of a designated electronic gold currency) as media of exchange with respect to certain payments

To view the current status of Indiana Senate Bill No. 453, click here. Also, there is an independently hosted Indiana Honest Money Site which may be of interest as well.
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