Establishing digital currency backed by gold

SB 441 proposes establishing a state-issued digital currency in West Virginia backed by physical gold stored in the West Virginia Bullion Depository. It allows West Virginians to purchase the digital currency with money (which the state uses to buy gold), with each unit representing a fraction of a troy ounce of gold. Holders can redeem the currency for either cash (after a fee) or physical gold, with all gold and funds held in a trust outside the state treasury and exempt from legislative appropriation. The State Treasurer would administer the program, including setting fees for transactions, but the bill does not create new taxes or alter existing monetary systems.