HB2540 EnrolledLRB101 06907 RJF 51939 b


  
1    AN ACT concerning business.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  


 
 
4    Section 1. Short title. This Act may be cited as the 
5Blockchain Business Development Act.
 
6    Section 5. Definitions. As used in this Act:

7    "Blockchain" means an electronic record created by the use

8of a decentralized method by multiple parties to verify and

9store a digital record of transactions which is secured by the

10use of a cryptographic hash of previous transaction

11information.
12    "Blockchain technology" means computer software or 
13hardware or collections of computer software or hardware, or 
14both, that utilize or enable a blockchain.

 
15    Section 10. Blockchain banking study.

16    (a)   The Department of Financial and Professional 
17Regulation shall review the potential application of 
18blockchain technology to the provision of banking, and consider 
19areas for potential adoption and any necessary regulatory 
20changes in Illinois.

21    (b)   On or before January 1, 2021, the Department shall 
22submit a report of its findings and recommendations to the 
 
 
HB2540 Enrolled- 2 -LRB101 06907 RJF 51939 b

1Governor and General Assembly.

2    (c)   This Section is repealed January 1, 2022.

 
3    Section 15. Blockchain and financial technology promotion. 
4The Department of Commerce and Economic Opportunity shall 
5incorporate into one or more of its economic development 
6marketing and business support programs, events, and 
7activities the following topics:
     
8        (1)   opportunities to promote blockchain technology and 
9    financial technology-related economic development in the 
10    private sector, including in the areas of banking, 
11    insurance, retail and service businesses, and 
12    cryptocurrency;

13        (2)   legal and regulatory mechanisms that enable and 
14    promote the adoption of blockchain technology and 
15    financial technology in this State; and

16        (3)   educational and workforce training opportunities 
17    in blockchain technology, financial technology, and 
18    related areas.