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Arizona Governor, Katie Hobbs, vetoed a bill that would have allowed the state to hold bitcoins as part of its official reserves, effectively putting an end to efforts for Arizona to become the first state in the USA to adopt such a policy.

The Digital Asset Strategic Reserve Bill, which would have enabled Arizona to invest confiscated funds in bitcoins and create a reserve managed by state officials, was formally rejected on Friday, according to an update on the Arizona State Legislature website.

"Today I vetoed Senate Bill No. 1025. Arizona's pension system is one of the strongest in the nation because it makes prudent and informed investments," Hobbs wrote in a statement addressed to Warren Petersen, the Arizona Senate President.

"The pension funds of Arizona residents are not a place where the state can try untested investments, such as virtual currency," she added.