Connecticut Bans State Use of Cryptocurrency, Imposes New Regulations on Private Sector

Connecticut has implemented a sweeping ban on all state involvement with cryptocurrency, prohibiting use, investment, or custody of these digital currencies. This new law, known as HB 7082, officially takes effect on October 1st and is part of a broader revision to the state’s money transmission laws. The statute prohibits state entities from accepting virtual currency payments or purchasing, holding, investing in, or establishing reserves with cryptocurrencies.