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Illinois, Indiana Push for Bitcoin Reserves

Coin WorldThursday, Jan 30, 2025 6:23 am ET

1min read

Illinois and Indiana Push for Bitcoin Reserves in New Bills

In a significant development, Illinois and Indiana have proposed new bills that aim to incorporate Bitcoin into their respective state reserves. These moves, if enacted, would mark a first for U.S. states in adopting cryptocurrency as a reserve asset.

Illinois' Strategic Bitcoin Reserve Proposal

Illinois State Representative John Cabello introduced House Bill 1844, which proposes the creation of a strategic Bitcoin reserve. The bill, referred to the Rules Committee on January 29, 2025, outlines a comprehensive framework for managing state-held Bitcoin.

The Illinois State Treasurer would oversee the fund, with the authority to accept Bitcoin donations from both state residents and government entities. A key aspect of the proposal involves a mandatory holding period of at least five years before any transfers, sales, or conversions to other cryptocurrencies can occur.

The bill includes provisions for fund management and security measures, as well as reporting requirements to ensure transparency in the fund’s operations. If approved, the Strategic Bitcoin Reserve Act would take effect immediately, positioning Illinois as a pioneer in state-level cryptocurrency adoption.

Indiana's Bitcoin Reserve Bill

In Indiana, State Senator Jim Tomes introduced Senate Bill 123, which also proposes the establishment of a Bitcoin reserve. The bill, referred to the Senate Committee on Appropriations on January 30, 2025, seeks to allocate a portion of the state's reserves to Bitcoin.

The Indiana State Treasurer would be responsible for managing the fund, with the authority to invest in and hold Bitcoin. The bill does not specify a minimum holding period but emphasizes the need for proper security measures and reporting requirements.

International Interest in Bitcoin Reserves

Support for Bitcoin reserves extends beyond U.S. borders. Aleš Michl, Governor of the Czech National Bank, revealed on January 29 that Czechia might become the first Western European nation to include Bitcoin in its reserves. The bank is considering allocating up to 5% of its €140 billion (approximately $145.6 billion) reserves to Bitcoin.

Meanwhile, in Texas, Governor Dan Patrick has declared the establishment of a “Texas Bitcoin Reserve” as one of his primary legislative goals for the 2025 session. This

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