(TNS) – The Northern Dakota Chamber adopted a bill to regulate cryptocurrency kiosks on Monday in order to limit associated fraud.
The Bill of the Chamber 1447 has advanced with a recommendation of 12-0 from the Industry, Business and Work Industry Committee with two non-voted legislators and adopted Chamber 87-3, with Four absent / non -voting legislators.
After being modified in a committee, the bill would regulate the virtual currency kiosks of the Northern Dakota, also called cryptocurrency kiosks or automatic crypto guides. More specifically, he would concede to operators of cryptocurrency kiosks in northern Dakota, to cap the amount of money that someone is able to put in the daily newsstand for the blockchain analysis software to help Detection and prevention of suspicious activity, and require that cryptocurrency kiosk operators clearly display the danger of scams.
More than 6 million dollars were stolen by cryptocurrency fraud in northern Dakota in 2023 and the FBI received more than 5,500 complaints involving cryptographic kiosks nationally in 2023, according to AARP .
Supporters say the crooks order people to withdraw money from their bank accounts and insert money into the automatic distributors of crypto tickets where it is deposited directly in the electronic portfolios of the crooks. They hope that the measures of this bill will help prevent this type of fraud.
Some legislators have questioned the need for ceilings on daily transactions and the ceiling on the costs, because it is unnecessarily growing. They said there were legitimate reasons for someone to use the kiosks or that there would be no successful companies listed on them.
The bill has moved to the Senate, which will vote to determine whether the bill goes to the governor’s office.
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