House Bill No. 585 Summary

• Revises the definition of "money" in Idaho Code to exclude central bank digital currencies, and adds comprehensive definitions for digital assets, blockchain protocols, nodes, and related cryptocurrency terms.

• Establishes the right to mine digital assets by prohibiting state and local governments from imposing discriminatory requirements on digital asset mining businesses compared to data centers, or from restricting mining in industrial-zoned areas or private residences.

• Prohibits state, county, and city governments from restricting the use of digital assets for purchasing legal goods or services, or from restricting self-custody digital assets through self-hosted wallets and hardware wallets.

• Legalizes the operation of blockchain nodes and prohibits requirements for money transmitter licenses for those operating nodes or transferring digital assets on blockchain protocols.

• Exempts digital assets used as payment tender from Idaho taxation as intangible personal property, and prohibits state and local governments from accepting, transacting in, or establishing programs using central bank digital currencies issued by the federal reserve.

• Effective date: January 1, 2025.