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I want to create a 2 of 3 multi-signature account from where one can withdraw money only after a certain period of time. How can this be done?

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You will likely need to add an OP_CHECKSEQUENCEVERIFY guard before the OP_CHECKMULTISIG statement in your output script.

https://github.com/bitcoin/bips/blob/master/bip-0112.mediawiki

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