An Official North Dakota Cryptocurrency Could Be on the Horizon

Following the early 2019 initiation of North Dakota’s deep dive into blockchain use cases, a state representative who was a leader in the study, mentioned a future digital asset concept for the region.

Rep. Nathan Toman says that he desires a “North Dakota coin” He believes that such an asset could potentially help the struggling economy in the wake of COVID-19, an Aug. 7 article from Inforum said. “That was my hope, but we’re a little bit late to the game on doing something like that,” Toman told Inforum regarding COVID-19 and North Dakota coin. 

Toman lobbied for blockchain’s many applications as part of the study, including self-governing systems, the article explained.

Backed by aspects such as state-held precious metals and property, Toman told Inforum he sees the asset positioned as more of a store of value than a transactional currency, with the asset functional in conjunction with loans and investing. 

Regulating 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. 

While North Dakota may eventually issue its own Blockchain-based asset, the U.S. Federal Reserve currently looks toward releasing its FedNow digital money system

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