Is Bitcoin legal in Chicago?
To put it simply: yes, Bitcoin is completely legal in Chicago, so you can trade it without fearing prosecution. In fact, it could be said that the rise of the public interest in Bitcoin and cryptocurrency generally, urged the Illinois government to take steps towards making the state a cryptocurrency financial center.
For this reason, Illinois state representatives have passed a range of different laws in order to regulate cryptocurrency trade and investing. Back in 2018, they passed a law that enables residents to pay taxes in crypto. 24 hours after receipt, authorities convert crypto to USD.
Two years later, in 2020, the Illinois state legislature proposed another bill in which cryptocurrencies would be included in the list of assets regarded as discarded after five years, when there has been no interaction between the asset owner and the custodian.
In June 2021, the Land of Lincoln was reportedly positioning itself as a crypto financial center. Namely, the State of Illinois is considering turning the state and its capital Chicago into a crypto hub. By this Chicago Bitcoin Law, fintech companies located in Illinois will be allowed to hold cryptocurrencies. This law is expected to make Illinois the second state that allows such a practice.
There are many factors helping this idea become a reality. Firstly, in 2017, the Chicago Mercantile Exchange Group (CME) began trading bitcoin futures. Next, the state boasted one of the greatest mining facilities located in the Midwest, run by Sangha Systems and CoinFlip, the Bitcoin ATM operator based in Chicago.
All things considered, now could be the perfect time for citizens to start buying Bitcoins in Chicago.