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Public Act 101-0259


 

Public Act 0259 101ST GENERAL ASSEMBLY

  
  
  

 


 
Public Act 101-0259
 
HB2540 EnrolledLRB101 06907 RJF 51939 b

    AN ACT concerning business.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 1. Short title. This Act may be cited as the
Blockchain Business Development Act.
 
    Section 5. Definitions. As used in this Act:
    "Blockchain" means an electronic record created by the use
of a decentralized method by multiple parties to verify and
store a digital record of transactions which is secured by the
use of a cryptographic hash of previous transaction
information.
    "Blockchain technology" means computer software or
hardware or collections of computer software or hardware, or
both, that utilize or enable a blockchain.
 
    Section 10. Blockchain banking study.
    (a) The Department of Financial and Professional
Regulation shall review the potential application of
blockchain technology to the provision of banking, and consider
areas for potential adoption and any necessary regulatory
changes in Illinois.
    (b) On or before January 1, 2021, the Department shall
submit a report of its findings and recommendations to the
Governor and General Assembly.
    (c) This Section is repealed January 1, 2022.
 
    Section 15. Blockchain and financial technology promotion.
The Department of Commerce and Economic Opportunity shall
incorporate into one or more of its economic development
marketing and business support programs, events, and
activities the following topics:
        (1) opportunities to promote blockchain technology and
    financial technology-related economic development in the
    private sector, including in the areas of banking,
    insurance, retail and service businesses, and
    cryptocurrency;
        (2) legal and regulatory mechanisms that enable and
    promote the adoption of blockchain technology and
    financial technology in this State; and
        (3) educational and workforce training opportunities
    in blockchain technology, financial technology, and
    related areas.

Effective Date: 6/1/2020