Cryptocurrency is a relatively unregulated form of money that allows users to bypass the traditional hoops associated with bank accounts. One of the drawbacks is that it provides opportunities for scammers, and one of the most vulnerable choke points of this system is the “virtual currency kiosk,” essentially an ATM where users can add money to their digital wallets. Last year, the city of Spokane banned the kiosks from the city limits because scamming had become a real problem. It has in Spokane Valley, too.
“The Spokane Valley Police Department has been tracking and investigating crimes involving cryptocurrency ATMs, and Spokane Valley residents have fallen victim to fraudulent schemes involving virtual currency kiosks,” according to a city memo on the problem. “This creates a significant public safety and welfare issue that is affecting citizens.” So the city council there may follow Spokane’s suit and prohibit the kiosks there.
Cryptocurrency ATMs, or kiosks, provide a quick way to fund digital wallets. However, they have become a vulnerable choke point where scammers operate, raising public safety concerns about using these machines. Spokane Valley authorities are examining similar restrictions, with the Spokane Valley Police Department noting crimes involving cryptocurrency ATMs and residents falling victim to fraudulent schemes, according to a city memo on the problem.
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