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8 LONG TITLE
9 General Description:
10 This concurrent resolution of the Legislature and the Governor proposes the creation of
11 the Council on Payment Options for State Services to study whether and how the state
12 could accept bitcoin as a valid form of payment.
13 Highlighted Provisions:
14 This resolution:
15 ▸ encourages the expanded use of bitcoin in the state;
16 ▸ proposes the creation of the Council on Payment Options for State Services to study
17 whether and how the state could accept bitcoin as a valid form of payment;
18 ▸ proposes that certain persons be a part of the council;
19 ▸ encourages the council to study certain issues; and
20 ▸ encourages the council to share its findings.
21 Special Clauses:
22 None
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24 Be it resolved by the Legislature of the state of Utah, the Governor concurring therein:
25 WHEREAS, the state of Utah was founded upon the principles of industry and
26 entrepreneurialism;
27 WHEREAS, technological industries, including industries in emerging technologies,
28 play an increasingly important role in Utah's economy and culture;
29 WHEREAS, the state must remain open to new technologies and ideas to continue
30 attracting talented and educated entrepreneurs to the state;
31 WHEREAS, publicly released in 2009, bitcoin is the world's first decentralized digital
32 currency and may hold promising benefits for individuals, communities, and the state;
33 WHEREAS, bitcoin is based on the principles of free-market capitalism and is not
34 centrally regulated;
35 WHEREAS, bitcoin provides merchants with an attractive alternative mechanism for
36 accepting payment because transaction fees for bitcoin are generally much lower than those
37 imposed by other payment processors;
38 WHEREAS, many major companies now accept bitcoin as a valid form of payment,
39 including Utah-based Overstock.com; and
40 WHEREAS, the worldwide market capitalization of bitcoin is valued at about $3.3
41 billion US Dollars:
42 NOW, THEREFORE, BE IT RESOLVED that the Legislature of the state of Utah, and
43 the Governor concurring therein, recognizes the potential benefits that could come from the
44 expanded use of bitcoin in the state and recognizes that the state could be a key player in
45 promoting the use of bitcoin.
46 BE IT FURTHER RESOLVED that the Legislature and the Governor propose the
47 creation of the Council on Payment Options for State Services to study whether and how the
48 state could accept bitcoin as a valid form of payment.
49 BE IT FURTHER RESOLVED that the Legislature and the Governor propose that the
50 council include the participation of representatives from the Office of the State Treasurer, the
51 Division of Finance, the Governor's Office of Management and Budget, the State Tax
52 Commission, the Department of Technology Services, subdivisions of the government that
53 could viably accept payments from citizens in the form of bitcoin, private entities that accept
54 payment in the form of bitcoin, local advocacy groups that support the use of bitcoin, merchant
55 services that support bitcoin, and mainstream payment systems.
56 BE IT FURTHER RESOLVED that the Legislature and the Governor propose that the
57 state treasurer or the state treasurer's designee be the chair of the council.
58 BE IT FURTHER RESOLVED that the Legislature and the Governor encourage the
59 council to identify any state or federal statutes, rules, regulations, or policies that would affect
60 the state's ability to implement and operate a system by which the state could utilize bitcoin as
61 a valid form of payment.
62 BE IT FURTHER RESOLVED that the Legislature and the Governor encourage the
63 council to study how the state could minimize its exposure to risk if it accepted payment in the
64 form of bitcoin.
65 BE IT FURTHER RESOLVED that the Legislature and the Governor encourage the
66 council to share its findings, including recommendations, with the Revenue and Taxation
67 Interim Committee before September 1, 2016.
68 BE IT FURTHER RESOLVED that a copy of this resolution be sent to the Utah state
69 treasurer, the director of the Division of Finance, the executive director of the Governor's
70 Office of Management and Budget, the executive director of the State Tax Commission, local
71 advocacy groups that support the use of bitcoin, and other public or private entities that may
72 have interest in the Council on Payment Options for State Services as proposed by this
73 resolution.