Connecticut promulgates law that prohibits a state bitcoin reserve

By Hannah Pérez

The new Connecticut law prohibits all government agencies within the State Maintaining, investing or even accepting payments in cryptocurrencies. It represents one of the most restrictive cryptocurrency approaches at the state level.

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• The new Connecticut law prohibits the State from maintaining, investing and accepting cryptocurrencies.
• It represents one of the most restrictive cryptocurrency approaches at the state level in the United States.
• Connecticut departs from the tendency of other US states that seek to create bitcoin reserves.

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Connecticut has departed from states in the United States that seek to establish strategic reserves of Bitcoinnow that state legislators have completely closed that door.

The “HB 7082” legislative project, which prohibits the government divisions of the Connecticut state from accepting payments in cryptocurrencies and maintaining such an asset kind in its reserves, has officially become law.

The Connecticut General Assembly published the final text on Tuesday, officially making it public law No. 25-66. The Bill 7082 bill had been approved by both the House of Representatives and the Senate unanimously without dissent.

The new law prohibits a cryptocurrency reserve

The project document specifically stipulates that “Neither the State nor any political subdivision of the State”They will accept payments in cryptocurrency or buy said assets, representing One of the most restrictive approaches For crypto state level.

In practice, this means that Connecticut public managers must refrain from making investments in Bitcoin or other cryptocurrencies, which restricts the creation of a state reserve of digital assets. This regulation makes Connecticut One of the few states of the United States that have explicitly rejected the idea of ​​a cryptocurrency reserve.

It also requires that cryptocurrency companies participating in the transmission of money reveal all the material risks associated with cryptography in “clear, conspicuous and readable writing in the English language“It also imposes protections for minors, which requires the verification of the legal guardian for users under 18.

“Losses due to fraudulent or accidental transactions may not be recoverable and virtual currency transactions are irreversible“It is the warning message that cryptocurrency services in Connecticut must display from now on.

Connecticut departs from the trend in the US.

First presented by the Connecticut Banking Committee in February, the bill was copatrocated by the Democrats, including the state representative, Ken Gucker, Senator Patricia Miller, and Senator Matthew Leser.

From the first vote in May, the bill received broad support from legislators, as recalled Cointelegraph. In the House of Representatives he received 105 votes in favor and only 42 against in a vote on May 14.

With the entry into force of this prohibition, Connecticut effectively closes the door to the possibility that public investment funds are all or partially allocated to the purchase of cryptocurrencies. This decision breaks with the tendency that several states of the country that have pursued laws to establish public reserves of Bitcoin and other cryptocurrencies.

Dozens of states of the United States have actively looking for strategic reserves of Bitcoin Since Donald Trump re -entered for the presidency in January. Last month, New Hampshire became the country’s first jurisdiction to approve a strategic bill of reserve of Bitcoinwith Arizona quickly following the address.

While certain states have already rejected or fooled the proposals, others have continued advancing. Texas approved at the end of May a bill, and only the governor’s signature is missing so that the State joins the states with a reserve Bitcoin.

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Hannah Estefanía Pérez / Diariobitcoin

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