The state of Illinois in the United States is pushing a bill to establish a special fund for the strategic reserve of Bitcoin (BTC).
According to Cointelegraph, a cryptocurrency-focused media outlet, John Cabello, a Republican member of the Illinois House of Representatives, has introduced the ‘HB1844’ bill containing these provisions.
The bill includes the establishment of a Bitcoin strategic reserve fund managed by the state treasury, with a clause restricting sales for at least five years. After five years, the state government can sell the Bitcoin, convert it to other cryptocurrencies, or use it for appropriate purposes. The HB1844 bill is currently under review.
Previously, Charles Schwertner, a Texas state senator, also introduced a bill to make Bitcoin a strategic reserve asset.
