(205 ILCS 725/1) (This Section may contain text from a Public Act with a delayed effective date) Sec. 1. Short title. This Act may be cited as the Blockchain Business Development Act. (Source: P.A. 101-259, eff. 6-1-20.)
(205 ILCS 725/5) (This Section may contain text from a Public Act with a delayed effective date) Sec. 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. (Source: P.A. 101-259, eff. 6-1-20.)
(205 ILCS 725/10) (This Section may contain text from a Public Act with a delayed effective date) (Section scheduled to be repealed on January 1, 2022)Sec. 10.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 (c) This Section is repealed January 1, 2022. (Source: P.A. 101-259, eff. 6-1-20.)
(205 ILCS 725/15) (This Section may contain text from a Public Act with a delayed effective date) Sec. 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.
(Source: P.A. 101-259, eff. 6-1-20.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.