IL lawmakers for subcommittee to explore digital currency regulation

Illinois lawmakers have formed a subcommittee to explore state policies over decentralized digital currencies like bitcoin.

The Department of Financial and Professional Regulation doesn’t consider digital currencies valid. But some lawmakers believe digital currencies and blockchain technology may have benefits that could make state government more efficient.

Rep. Mike Zalewski of Riverside will chair the House subcommittee. He says that his goal is to understand whether a digital currency would be a worthy investment or a risky gamble. He says he hopes the subcommittee can create a policy that puts consumers first.

Digital currency is created and exchanged independent of banks or governments.

Hearings have not yet been scheduled for the new subcommittee.

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