As you grow more familiar with it, you recognize that there are many advantages to cryptocurrency. The blockchain security measures accompanying crypto are virtually unassailable. Transactions are instantaneous. Since banks are often not involved, fees are minimal. Crypto seems to be the inevitable digital currency of the future.
Unfortunately, traditional banking laws focus on the centralized use of the U.S. dollar. Crypto enables many new possibilities that extend beyond past legal conceptions. In the same way, the legal system had a hard time catching up with internet commerce, so online monetary regulations may be archaic when dealing with crypto transactions. This leads to the question, can my use of crypto result in a criminal charge?
Is it against the law to use cryptocurrency in Illinois?
Enterprising business leaders, though leery of legal oversight, are diving straight into the brave new world of crypto commerce. The good news is Illinois is actually fairly progressive when it comes to crypto matters. The legislature voted to enact charter permits for financial service companies using crypto early in 2021. The state also has some advanced blockchain ordinances designed to secure crypto transactions.
Do existing Illinois financial laws apply to crypto commerce?
Yes, state legislators and prosecutors are rapidly updating and amending laws to account for practices developed with crypto. One pertinent example of this has to do with the old practice of money laundering: running illegally obtained money through the books of a legitimate company to make it appear as lawful profit. Crypto drastically simplifies money laundering but is still illegal.
The bottom line is that crypto injects new speed and opportunities, though all the financial laws still apply.