SAINT PAUL, Minn. (KTTC) – A new Minnesota law banning cryptocurrency kiosks, machines that allow users to convert cash into digital currency almost instantly, will take effect starting August 1.
According to the Minnesota Commerce Department, the change purports to protect Minnesotans from fraud and scams. The department said once a transaction is completed with the machine, cryptocurrency can be transferred directly to a perpetrator—making recovery of the victim’s money extremely difficult.
Locally in the Med City, the Rochester Police Department said it has investigated multiple reports involving people who were manipulated by scammers, often over the phone, into depositing thousands of dollars in cash into such cryptocurrency kiosks.
The machines are to be taken offline by August 1 and physically removed from retail locations by December 31.
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