Illinois and Indiana to Introduce Bitcoin as A Legal Financial Asset

US states Indiana and Illinois have announced that they’re working on creating a Strategic Bitcoin Reserve, which looks to explore Bitcoin as a legal financial asset. Indiana is looking into ETFs, whereas Illinois will focus on establishing a Bitcoin reserve fund.

Indiana’s House Bill 1322, Explained

House Bill 1322 in Indiana was introduced by Representative Jake Teshka and is backed by Cory Criswell and Shane Lindauer. This bill examines how blockchain technology can make the government more efficient and secure.

It gives the green light to the state to use public funds such as retirement money and invest in Bitcoin ETFs. These ETFs can hold Bitcoin or track its price via futures contracts.

A similar approach has been thought of in states such as Arizona and Utah. Both of them are actively looking into how they can make .

Illinois’ House Bill 1844, Explained

House Bill 1844 in Illinois was introduced by State Representative John M. Cabello. The bill is also known as the Strategic Bitcoin Reserve Act. According to the bill, Bitcoin is to be treated as a decentralized asset that can help in the battle against economic instability and inflation.

The bill also argues that the proposed Bitcoin reserve would fall under the wing of the State Treasurer and both residents and government entities would be able to donate Bitcoin. Moreover, Bitcoin assets that are added to the reserve would have to be kept for at least 5 years before they can be transferred/sold.

Lastly, House Bill 1844 puts major emphasis on the fact that every process on how Bitcoin assets are managed should be transparent.

Crypto is Experiencing Major Growth in USA

Ever since Donald Trump was elected President of the US, the crypto industry has been booming. President Trump declared his public support for the crypto world even though a few years ago he called the industry a major scam.

During his rallies, he noted that he would actively consider legalizing Bitcoin as an asset and using it to strengthen the US economy.