|HB2540 Enrolled||LRB101 06907 RJF 51939 b|
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Blockchain Business Development Act.
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
"Blockchain technology" means computer software or
hardware or collections of computer software or hardware, or
both, that utilize or enable a blockchain.
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