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US States Are Racing for Bitcoin: No Sales for 5 Years! - Coin Bulletin
Illinois, a state in the USA, became the latest state to advance a bill aiming to use Bitcoin as a strategic reserve.
House Bill 1844, presented by Illinois State Representative John Cabello, proposes that Bitcoin be held as a financial asset in the state treasury. (HB1844).
According to the bill, after the establishment of the state's Bitcoin fund, BTC assets will be held for at least five years. The following statements are included in the text of the law:
After five years, the Illinois Department of Treasury will have the authority to sell, convert, or use the Bitcoin in the fund for public spending.
Competition for Bitcoin Reserves Begins in the United States
Illinois' Bitcoin bill came right after the Arizona Senate advanced a similar Bitcoin reserve regulation. The initiative in Arizona aims to direct public funds and retirement investments to Bitcoin.
In recent times, Texas, Utah, and some other states have also started to consider Bitcoin as an official reserve asset. Especially the views that Bitcoin is seen as digital gold and could be a long-term store of value support such initiatives.
The bill in Illinois was referred to the Legislative Committee on January 29th and is awaiting full approval to determine the final regulations. If approved, Illinois will be one of the first states to hold Bitcoin in its treasury reserves.