Bitcoin Reserve Bill Passes in Illinois

Illinois Proposes Strategic Bitcoin Reserve Fund

• Illinois State Representative John Cabello introduced House Bill 1844 (HB1844).
• The bill aims to establish a Strategic Bitcoin Reserve Fund under the state treasury.
• Bitcoin deposits must be held for at least five years before any transactions.
• The fund can accept Bitcoin gifts, grants, and donations from residents and entities.
• Regular audits and biennial reports are required, detailing fund amounts and security risks.
• Bitcoin in the fund will be stored in cold storage for security.

Illinois joins several U.S. states exploring Bitcoin reserves, with HB1844 proposing a secure, long-term strategy for managing digital assets within the state’s financial framework.