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Briefly
- Connecticut unanimously adopted the most common crypto law of the United States, banning all state and local self -governments to buy, hold or invest in virtual currencies.
- Legislation dictates “bold” warning warnings for crypto business fraud and requires detection of “all material risks”, while overcomping the statute of money through the country.
- Connecticuta ban has suddenly opposed the national trend, as the 31 account for spare bitcoin remains active in 16 countries.
While dozens of countries are racing to establish Bitcoin reserves, Connecticut just scored the door.
The General Assembly of the State unanimously passed House Bill 7082 On Tuesday – now Public Law no. 25-66– The most vulnerable prohibition of government crypto investment in the state.
Comprehensive legislation explicitly forbids government entities to “establish a virtual currency reserve” and prevent them from accepting them crypto as a payment for any amount because of the state or its political submissions.
The new law represents one of the most skillful approaches to the Cryptum of Cryptums at the state level, effectively blocking all future initiatives for digital property sponsored by the state.
In addition to the banning of investment, the legislation introduces strict consumer protection measures that require crypto of companies involved in the transfer of money to discover “all material risks associated with virtual currency.”
The proposal of the law dictates that the Cryptum providers show “bold” warnings saying, “Losses due to false or accidental transactions may not be compensated, and transactions in the virtual currency are irreversible.”
Additional protection include requirements for checking users under the age of 18 and comprehensive requirements for detecting a virtual currency transaction.
In addition to the prohibition of cryptocurrencies in public accounts, the law processes the transfer of money transfer, it introduces new definitions of digital wallets, controls and kiosk, and requires that companies with a license can adopt strict compliance frames.
Bitcoin State Reserves
Connecticut’s restrictive attitude is contrary to the increasing number of countries that have accepted cryptocurrencies as a strategic property.
Legislatively divided indicates an increasing disagreement on the role of cryptocurrency in state treasury management, with supporters citing the advantages of portfolio diversification, while opponents cause concern about volatility and fiduciary responsibility.
About 31 account related to the state Bitcoin reserves are still ongoing and 16 countries move forward while 8 have Rejected proposalsAccording to the Laws of Monitoring the Bitcoin Reserve Act data.
Despite the rejection, several legislators vowed to re -review the proposals in the future.
New Hampshire became the first state successfully establish strategic Bitcoin A reserve last month, followed by Arizona with a limited approach focused on income funds without taxation.
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