Minnesota Considers Total Ban on Crypto ATMs Amid Scam Concerns

The debate over crypto ATMs has intensified in Minnesota as lawmakers weigh a total ban on these machines due to rising concerns over scams targeting older adults.

According to reports, Minnesotans have lost tens of thousands of dollars to scammers who direct victims to send cryptocurrencies under false pretenses. The state's House Finance and Policy Committee has introduced legislation (HF 3642) aimed at addressing the risks associated with crypto ATMs.

The proposed ban would mirror sweeping bans implemented in countries like New Zealand, where all physical machines were prohibited last year.