SPRINGFIELD, Ill. (WIFR) — State Rep. Jaime Andrade, chairman of the Illinois House Cybersecurity announces the creation of a new subcommittee on cryptocurrencies and distributed ledgers.
Andrade oversees the full Cybersecurity Committee to review important questions over the challenges Illinois faces that come with technological innovation, such as how online companies keep personal data shared on their platforms private and secure.
The cryptocurrency subcommittee will be chaired by state Rep. Mike Zalewski who already has been working on legislative oversight of Bitcoin and the blockchain.
Bitcoin transactions work on a broad network of computers around the world, instead of through traditional paper and electronic payment transactions. Its value has been volatile in recent months, facing infrastructure challenges and high transaction fees.
The lawmakers said the subcommittee will be the perfect vehicle for policymakers to better understand Bitcoin technology.