Definitions. For the purposes of his article: (a) “Commonwealth” means the Commonwealth of the Northern Mariana Islands. (b) “Digital Asset” means a representation of economic, proprietary or access rights that is stored in a computer readable format. (c) “Mayor” means the Mayor of Tinian & Aguiguan. (d) “Municipality” means the Municipality of Tinian & Aguiguan in the Second Senatorial District, Commonwealth of the Northern Mariana Islands. (e) “Person” means a natural person, as well as a partnership, corporation, association, join venture, or other business entity. (f) “Public Blockchain” means an electronic record of transactions or other data which: (1) is uniformly ordered; (2) is processed using a decentralized method by which two or more unaffiliated computers or machines verify the recorded transactions or other data; (3) is redundantly maintained by two or more unaffiliated computers or machines to guarantee the consistency or nonrepudiation of the recorded transactions or other data; (4) is validated by the use of cryptography; and does not restrict the ability of any computer or machine to: (i) view the network on which the record is maintained; or (ii) maintain or validate the state of the public blockchain. (g) “Tinian Stable Token” means the Virtual Currency issued or maintained by the Municipality, or the system used to issue or maintain such Virtual Currency. (h) “Tinian Stable Token Reserve Account” (TSTRA) means a local special account, established by the Treasurer, that is used for the issuance and redemption of Tinian Stable Token. (i) “Stablecoin” means a Virtual Currency not issued or maintained by the Municipality, that is, or is designed to be, used as a means of payment or settlement and the issuer of which is obligated to convert, redeem, or repurchase for a fixed amount of United States dollars. (j) “Treasurer” means the Tinian Municipal Treasurer. (k) Virtual currency: a digital asset that: (1) is created, issued and maintained on a public blockchain; (2) is used as a medium of exchange, unit of account or store of value; and (3) is not recognized as legal tender by the government of the United States of America or the government of the Commonwealth. Source: TLL 24-03, § 6 (May 19, 2025).
Commission Comment: In codifying TLL 24-03, the Commission renumbered “§ 102” to “§ 2352” pursuant to 1 CMC § 3806(a).