Establishes the Strategic Bitcoin Reserve Fund to hold bitcoin donations from Illinois residents and entities.
The Strategic Bitcoin Reserve Act creates the Strategic Bitcoin Reserve Fund, a special fund in the State treasury for holding bitcoin as a financial asset. The State Treasurer may accept gifts, grants, and donations of bitcoin from Illinois residents and governmental entities. The Treasurer must hold the bitcoin for at least five years before transferring, selling, or converting it. The Act mandates secure storage, management, and reporting systems for the Fund, and allows the Treasurer to contract with third-party entities for assistance.
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