A city in Washington has forbidden crypto kiosks in an attempt to combat digital asset fraud.
The city of Spokane prohibits crypto kiosks after the city council had unanimously voted to adopt a regulation that wants to protect its inhabitants against scams helped by digital assets money machines.
“This ordinance forbids virtual currency roofs to be operated in the city of Spokane. Spokane has seen a significant increase in scams that result from the use of cryptocurrency -kiosks, and there is a steady increase in victims who lost thousands of dollars.
This regulation provides for an aid to protect consumers against people who mainly rely on virtual currency to deceive others. ”
With crypto kiosks, users can buy and transfer digital assets using cash, bank card or credit cards. Although the machines do not issue cash, they enable users to deposit crypto assets into their personal portfolios or to transfer the resources abroad.
“Virtual currency transactions move quickly and can take place anywhere and because of the speed of the transaction, the majority of such transactions are irrevocable …
In some cases, law enforcement is able to trace cryptocurrency transactions and ‘follow the money’, however, much of the ‘scam’ or nasty transactions bring funds to destinations abroad, and American law enforcement can encounter considerable challenges in other jurisdictions. ”
Councilor Paul Dillon says that crypto kiosks have become the ‘preferred tool’ of scammers who do not want to mix individuals.
“This regulation will protect vulnerable residents of Spokane against scams with virtual currency roofs, and I am proud that we are the first city in the state to move this legislation ahead.”
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