Minnesota Considers Ban on Virtual Currency Kiosks Amid Scam Reports

A recent surge in reports of cryptocurrency scams has led a Minnesota lawmaker to propose a bill that would ban virtual currency kiosks across the state. According to Representative Erin Koegel, many scammers use these kiosks to trick residents into sending crypto, while legitimate traders tend to use centralized exchanges.

The bill, if passed, could fully ban the technology in Minnesota, despite the state's existing law attempting to fight scammers using virtual currency kiosks. The 2024 law set a $2,000 deposit limit for new kiosk users and required companies to issue full refunds for fraud victims.