Sunday 22nd April 2018

Illinois lawmakers look to see if they can regulate Bitcoin

Illinois lawmakers look to see if they can regulate Bitcoin

FILE - Bitcoin, cryptocurrency
Shutterstock photo

Illinois lawmakers aren’t letting the latest fad in investing go unnoticed. The Illinois House is ready with a new task force to look at how to regulate Bitcoin, or if they even can.

State Rep. Jaime Andrade, D-Chicago, said Bitcoin as a cryptocurrency is designed to be decentralized and free from the regulations of traditional cash. So there is a question as to what Illinois can do to regulate Bitcoin.

Andrade says, instead, he expects a focus on blockchain, which is the peer-to-peer sharing technology behind Bitcoin.

“I think the regulations are going to focus more on making blockchain technology more acceptable,” Andrade said. “Having the ability for people to use blockchain technology in everyday life. As in contracts, or real estate transfers, titles, and deeds.”

Andrade said he doesn’t want to see Illinois go too far with limiting Bitcoin or the blockchain technology.

“We are not here to over-regulate. Absolutely not,” Andrade said. “I don’t want people to feel uncomfortable in investing in Bitcoin.”

Andrade is expecting a report on what the state can do to regulate both Bitcoin and the blockchain in a few weeks. He said it may be months before there’s an actual plan for new regulations.

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