The post Illinois Bill Proposes First State-Level Bitcoin Reserve in US appeared on BitcoinEthereumNews.com.

TLDR Illinois may become first US state to hold Bitcoin in fiscal reserves through new Strategic Bitcoin Reserve proposal State Treasurer would manage the fund, accepting BTC gifts and donations with 5-year minimum hold period Bill referred to Rules Committee on Jan 29, 2025, for fast-track approval process Czech National Bank considering 5% allocation of its $145.6B reserves to Bitcoin Texas Governor announces Bitcoin Reserve as top legislative priority for 2025 In a groundbreaking move, Illinois could become the first U.S. state to hold Bitcoin in its fiscal reserves. State Representative John Cabello has introduced the Strategic Bitcoin Reserve proposal, which was referred to the Rules Committee on January 29, 2025, for expedited approval consideration. The proposed legislation outlines a comprehensive framework for managing state-held Bitcoin. Under the bill, the Illinois State Treasurer would oversee the fund and have the authority to accept Bitcoin donations from both state residents and government entities. One key aspect of the proposal involves a mandatory holding period. Once Bitcoin enters state custody, it must be retained for at least five years before any transfers, sales, or conversions to other cryptocurrencies can occur. The bill includes provisions for fund management and security measures. It also establishes reporting requirements to ensure transparency in the fund’s operations. Illinois residents would have the opportunity to make voluntary Bitcoin donations to the state’s reserve. If approved, the Strategic Bitcoin Reserve Act would take effect immediately. This timing could position Illinois as a pioneer in state-level cryptocurrency adoption, marking the first formal Bitcoin reserve strategy implemented by any U.S. state. The proposal grants the State Treasurer authority to establish and enforce rules for administering the reserve. This includes the ability to hire personnel specifically for managing the Bitcoin holdings and implementing necessary security protocols. The initiative has drawn attention from…

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Filed under: News - @ January 30, 2025 12:22 pm