Minnesota Considers Ban on Crypto ATMs Amid Rising Scam Reports

The rise in cryptocurrency scams has led the state of Minnesota to consider banning the use of Bitcoin and crypto ATMs.

A proposed bill introduced by legislator Erin Koegel aims to prohibit the use of virtual currency ATMs in the state, following reports of scammers using these machines to trick people into sending cryptocurrency.

Koegel stated that law enforcement agencies have reported a significant number of cases involving crypto and Bitcoin ATMs being used for fraudulent transactions. She emphasized that these transactions are often irreversible and difficult to track.

The bill, if enacted, would not only ban the use of crypto ATMs but also provide additional measures to protect consumers from financial crimes.