Bill Text: IA SF2079 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act prohibiting the state and political subdivisions of the state from accepting payment in the form of virtual currency.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-02-12 - Subcommittee recommends amendment and passage. [SF2079 Detail]
Download: Iowa-2019-SF2079-Introduced.html
Senate
File
2079
-
Introduced
SENATE
FILE
2079
BY
NUNN
A
BILL
FOR
An
Act
prohibiting
the
state
and
political
subdivisions
of
1
the
state
from
accepting
payment
in
the
form
of
virtual
2
currency.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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Section
1.
NEW
SECTION
.
8H.1
Prohibition
on
the
acceptance
1
of
virtual
currency.
2
The
state
and
a
political
subdivision
of
the
state
shall
only
3
accept
payment
in
the
form
of
cash.
4
Sec.
2.
NEW
SECTION
.
8H.2
Definitions.
5
As
used
in
this
chapter,
unless
the
context
otherwise
6
requires:
7
1.
“Cash”
means
United
States
currency.
“Cash”
does
not
8
include
virtual
currency,
regardless
of
whether
such
virtual
9
currency
has
an
equivalent
value
in
legal
tender.
10
2.
“Political
subdivision”
means
a
city,
county,
township,
11
or
school
district.
12
3.
“Virtual
currency”
means
a
digital
representation
13
of
value
that
functions
as
a
medium
of
exchange,
a
unit
of
14
account,
or
a
store
of
value,
but
is
not
legal
tender
in
the
15
United
States.
16
Sec.
3.
Section
8B.22,
subsection
2,
paragraph
a,
Code
2020,
17
is
amended
to
read
as
follows:
18
a.
Establish
standards,
consistent
with
other
state
law,
for
19
the
implementation
of
electronic
commerce,
including
standards
20
for
electronic
signatures,
electronic
currency
payments
,
and
21
other
items
associated
with
electronic
commerce.
22
EXPLANATION
23
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
24
the
explanation’s
substance
by
the
members
of
the
general
assembly.
25
This
bill
prohibits
the
state
and
its
political
subdivisions
26
from
accepting
payments
in
the
form
of
virtual
currency.
The
27
bill
provides
the
state
and
a
political
subdivision
of
the
28
state
shall
only
accept
payment
in
the
form
of
cash.
29
The
bill
defines
“cash”
as
United
States
currency,
but
30
excludes
virtual
currency
from
the
definition,
regardless
31
of
whether
such
virtual
currency
has
an
equivalent
value
in
32
legal
tender.
The
bill
defines
“political
subdivision”
as
a
33
city,
county,
township,
or
school
district.
The
bill
defines
34
“virtual
currency”
as
a
digital
representation
of
value
that
35
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functions
as
a
medium
of
exchange,
a
unit
of
account,
or
a
1
store
of
value,
but
is
not
legal
tender
in
the
United
States.
2
The
bill
also
amends
Code
section
8B.22,
subsection
2,
3
paragraph
“a”,
to
indicate
the
office
of
the
chief
information
4
officer,
in
establishing
standards
for
the
implementation
of
5
electronic
commerce,
is
not
to
establish
such
standards
for
6
electronic
currency.
Instead,
the
office
is
to
establish
such
7
standards
for
electronic
payments.
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