Establishes the Community Bitcoin Reserve Program in Illinois to support community programs using Bitcoin.
The Community Bitcoin Reserve Act establishes the Community Bitcoin Reserve Program within the Department of Commerce and Economic Opportunity. The Act designates the Altgeld Bitcoin Reserve as the first community reserve site, with potential for additional communities. It mandates that all Bitcoin be secured using multisignature cold-storage custody, with annual independent audits and proof-of-reserve reports. Bitcoin may only be released for authorized community programs, with a maximum cap of 0.21 Bitcoin per year, not exceeding 1% of the total reserve.
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