The Senate and the House of Connecticut representatives approved a bill prohibiting state investments in Bitcoin and other digital assets. The bill was submitted for signature to the Governor of Lamont.

The bill prohibits the state and local authorities, as well as to accept agencies established by officials as a gift, buy or hold cryptocurrencies. This applies to any form of digital assets and completely eliminates the possibility of their use in budget financial transactions.

The provisions of the future legislative act clarify the requirements for the regulation of cryptocurrencies. Companies offering exchange or transfer of cash using cryptocurrencies, for example, payment services, crypto accounts or cryptor operators, will be required to receive a special license to banking regulation of Connecticut.

All virtual assets operators are invited to form and maintain liquid reserves in a ratio of 1: 1 to the volume of attracted cryptocurrency assets for guaranteed reimbursement of client funds in case of emergency situations. This means that cryptocurrencies will not be able to use customers for lending, they will be required to store client funds separately from their own assets, as well as warn customers about financial risks, including a possible complete loss of funds.

Earlier, Bitcoin of America, the operator of the BTM cryptomat network, announced the termination of its activities in the American state Connecticut due to lack of license.