Ag Commissioner Lukewarm on Bank of North Dakota’s Foray Into Stablecoin

Agriculture Commissioner Doug Goehring, left, Gov. Kelly Armstrong, center, Attorney General Drew Wrigley right. (Photo by Michael Achterling/North Dakota Monitor)

(North Dakota Monitor) – One of the state officials responsible for overseeing the Bank of North Dakota is urging caution as the financial institution begins developing the state’s first stablecoin.

The state-owned bank announced earlier this month it is developing a stablecoin, a type of cryptocurrency, that will be named the Roughrider coin. The digital currency will be able to facilitate instant money transfers, streamline bank-to-bank transactions and, potentially, be used by North Dakotans in daily life, though that is likely years away.

Unlike bitcoin, stablecoin is not subject to volatile price swings because it’s backed by conventional financial assets, overwhelmingly the U.S. dollar. But Agriculture Commissioner Doug Goehring still wants the bank to be cautious.

“That’s an area we’ve got to be a little more cautious how we’re proceeding, how it’s perceived, and how we manage it,” Goehring said during Monday’s North Dakota Industrial Commission meeting. “Whether it’s media or a whole group of constituents, there’s a lot of questions and a lot of concern.”