Minnesota Considers Ban on Cryptocurrency Kiosks Amid Scam Concerns

Minnesota's proposed ban on cryptocurrency kiosks has sparked a debate in the state's legislature. Lawmakers are weighing the proposal, which aims to curb financial scams linked to the machines.

The bill, introduced by Rep. Erin Koegel, would prohibit the operation of Bitcoin and other cryptocurrency ATMs across the state. According to law enforcement officials, these kiosks have become a prime target for scammers who take advantage of vulnerable residents.

Local investigators have shared concerns about the ease with which scammers can move stolen funds through the machines. In one recent case, an elderly woman was manipulated into handing over $80,000 via a cryptocurrency ATM. The funds were then rapidly transferred and routed overseas, making recovery difficult.