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Illinois Can Claim "Abandoned" Cryptocurrency Under New Bill
Summary: The Illinois State legislature has proposed a new bill draft that would include “virtual currencies” among a list of assets that can be considered abandoned. The bill, which was originally introduced on Feb. 20, was sent to the House Revenue & Finance Committee on March 12. The latest amendments to the Illinois’ Revised Uniform Unclaimed ...
The Illinois State legislature has proposed a new bill draft that would include “virtual currencies” among a list of assets that can be considered abandoned.
The bill, which was originally introduced on Feb. 20, was sent to the House Revenue & Finance Committee on March 12. The latest amendments to the Illinois’ Revised Uniform Unclaimed Property Act, now allows the state treasurer to “claim” a virtual tokens that have been deemed unclaimed, essentially repossessing it.
This law is primarily geared towards assets that are held in custody by third parties, such as banks. The repossesion process gives custodians the right to retrieve any fees it may have accrued that were not paid by the original owner.
By Ramsey Baker
Tags: Bill,claim,Cryptocurrency,Illinois’ Revised Uniform Unclaimed Property Act,illinoise,unclaimed
Link: Illinois Can Claim "Abandoned" Cryptocurrency Under New Bill [Copy]
