Illinois lawmakers form subcommittee for digital currency

Understanding Bitcoin requires a proper frame of reference. (AP Photo/Rick Bowmer, File)

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

Posted: Jan. 15, 2018 3:35 PM

SPRINGFIELD, Ill. (AP) - 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. Zalewski tells the State Journal-Register 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 currencies like bitcoin have gained popularity. Digital currency is unlike traditional currency because it's created and exchanged independent of banks or governments.

Hearings have not yet been scheduled for the new subcommittee.

Information from: The State Journal-Register, http://www.sj-r.com

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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