ST. PAUL — Minnesota lawmakers are cracking down on scam technology in the state.
Starting Saturday, Aug. 1, cryptocurrency kiosks will be banned in Minnesota.
Minnesota Department of Commerce officials say scammers have used the machines to steal almost $1 million from consumers.
The law does not restrict online cryptocurrency trading.
Officials say it’s just one step as they work to tackle fraud.
“It will not eliminate fraud. Criminals continue looking for new ways to obtain money. But removing cryptocurrency kiosks closes an important pathway that allows them to receive funds rapidly with limited opportunity for intervention,” said Drew Evans, superintendent of the Minnesota Bureau of Criminal Apprehension.
The new law says the machines must be offline by Saturday and physically removed from stores by the end of the year.
