HONOLULU (HawaiiNewsNow) – State Representative Scot Matayoshi is proposing legislation to combat fraud and scams and restrict cryptocurrency ATM purchases after hearing multiple accounts of kupuna being victimized. Matayoshi is also introducing legislation to prohibit cryptocurrency purchases through kiosks found inside grocery stores and convenience marts across the state, citing their frequent use in fraudulent transactions targeting seniors. “These crypto kiosks, in my opinion, are mostly used for fraudulent transactions,” Matayoshi said. “The benefit to them doesn’t outweigh the massive fraud going on with these ATMs.”
The bill would still allow people to withdraw money from crypto ATMs if they already own cryptocurrency and want to convert it to cash. Store owners have reported seeing seniors at crypto kiosks with cash, talking on phones with someone guiding them through transactions. Matayoshi said scammers often instruct victims to use the machines after claiming their relatives are in danger and need bail money.
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