In a significant move, Illinois has proposed a bill for creating a Bitcoin strategic reserve fund, illustrating the growing interest in crypto assets in the US.
Illinois Leads in Bitcoin Reserve Creation
The HB1844 bill would enable the Illinois State Treasurer to manage the fund with strict guidelines for Bitcoin storage and handling. Assets must be held for at least five years before any possible transfers or sales.
Security and Transparency: Main Aspects of HB1844
All Bitcoin in the fund must be stored in cold storage to prevent unauthorized access. The bill requires regular audits and biennial reports.
Global Discussion on Bitcoin in National Reserves
Illinois' proposal comes amid international talks on using Bitcoin as a financial asset. Recently, countries like the Czech Republic and the state of Wyoming have also expressed interest in Bitcoin reserves.
Illinois' initiative to establish a Bitcoin reserve highlights the importance of adapting to digital assets to strengthen state-level financial strategy.
