Minnesota considers banning crypto kiosks amid rise in elder fraud

The U.S. state of Minnesota has begun considering a bill to completely ban the operation of cryptocurrency kiosks, The Block reported. The move comes amid a recent surge in scams targeting the elderly. In Minnesota, 70 cases of kiosk-related fraud have been reported, with total damages amounting to $540,000. According to a police investigation, scammers approached senior citizens living on fixed incomes and induced them to send Bitcoin through the kiosks. Some victims reportedly sent their entire life savings, leading to the loss of their homes. The regulation of crypto ATMs has become a growing trend recently to prevent money laundering and other criminal activities.