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Illinois submitted a draft law proposing the country’s bitcoin reserves with a period of five years detention, as it joined an increasing number of states that explore the encryption treasury strategies.
State representative John Capello suggested Illinois House Law 1844 (HB1844)Which calls for the establishment of a strategic reserve fund for Bitcoin as “a special fund in the Ministry of Governmental Treasury for the purpose of keeping Bitcoin as a financial asset.”
🚨 New: The Bitcoin Strategic Reserves Ellitoine!
HB1844 will create Bitcoin reserves, and requires less than 5 years for all BTC. pic.twitter.com/6rzp8f2ou1
Julian Fahr (@julian__fahr) January 29, 2025
Once the period of keeping the period of five years will be concluded, the Ministry of State will be allowed to “transfer, sell, suit or transfer to another encrypted currency in any bitcoin in the fund,” says the bill.
The draft law was sent to the rules committee on January 29 to finish the touches on the organizational details and awaiting the approval of the legislators.
The Bitcoin Bill from Illinois follows the recent moves by Arizona and Texas, which has advanced to their Bitcoin reserve legislation, focusing on the growing momentum to adopt encryption in state financial affairs.
Bitcoin reserves to pave the way for state integration with traditional financing
Moloco Sanou, co -founder and CEO of Mansa, said the decentralized payment network, that the Bitcoin Law in Illinois is a “step forward” to adopt Bitcoin in the United States
Sanou said that the law “is in line with President Donald Trump’s vision wider to create the Bitcoin Reserve,” adding that “the decision to accept bitcoin as a reserve asset is a bold step towards integrating the cryptocurrency into traditional financing, and placing the state as a leader in Blockchain.”
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