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    (c)   This Section is repealed January 1, 2022.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.