Illinois is about to become the first American state to establish a Bitcoin reserve within the framework of its budget strategy.
The proposed legislation, known as the BTC strategic reserve law, was presented by the representative of the State of Illinois, John Cabello, and was referred to the Rules Committee on January 29, 2025.
If it is approved, Illinois would become the first state to integrate the crypto into the budgetary policy at the level of the state.
RUP:
The American state, the Illinois proposes
Bitcoin reserve with 5 years
Hodl mandate under HB1844.Bitcoin Fomo is real !!! pic.twitter.com/5x7yhfjh9u
– ash crypto (@ashcryptoral) January 30, 2025
The American state, the Illinois proposes The HB1844 bill in Illinois offers a bitcoin reserve managed by the State
The HB1844 bill of Illinois provides that the state treasurer can accept gifts, subsidies and bitcoin donations of Illinois residents and government entities for deposit in the fund.
The bill also allows the State treasurer to transfer, sell, appropriate or convert to another cryptocurrency of any bitcoin in the fund.
Illinois is not the only state race for a BTC reserve. Texas also presented a new bill to establish a BTC strategic reserve. The legislation proposes that the State accepts the Bitcoin payments for taxes, costs and donations, the collected BTC which was held in reserve for at least Five years.
“A Bitcoin strategic reserve, investing in Bitcoin, is said to be a win-win for the state,” said state republican representative Giovanni Capriglione.
In fact, Trump has planned that the Bitcoin reserve will be on the agenda in the early hours with a BTC decree just after the inauguration. However, this did not happen.
Cynthia Lummis, American senator and vocal defender of Bitcoin, pressure for a national BTC strategic reserve.
Explore: Czechia considers the Bitcoin reserve: time to buy even more altcoins and memes parts?
Cheche, Swiss, among other countries, considering the BTC reserve
Czech crypto plans could see the BTC checked reserve established before the United States. Aleš Michl, the governor of the Czech National Bank (CNB), propose Allocating part of the country’s reserves to Bitcoin. He wants him country Investing only 5% of its reserve of $ 145 billion in BTC as part of its diversification strategy.
Meanwhile, the Swiss National Bank (SNB) is faced with increasing pressure to include Bitcoin (BTC) in its foreign currency reserves. If the initiative called “for a financially strong, sovereign and responsible for Switzerland (Bitcoin Initiative)” brings together 100.00 signatures in 18 months from December 31, 2024, it will be placed in the public vote.
Explore: the Swiss central bank faces growing calls to keep Bitcoin reserves
The European MEP (MEP), Sarah Knafo, expressed strong support for bitcoin while opposing the European Union plans for a digital euro.
“Yes to a Bitcoin national strategic reserve,” she insisted.
Explore: defenders of European deputies of the Bitcoin reserve, oppose the EU digital euro to Parliament
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