Minnesota Cryptocurrency Kiosk Ban Takes Effect August 1

A new Minnesota law is set to take effect on August 1, banning cryptocurrency kiosks in the state. The machines allow users to convert cash into digital currency almost instantly.

The Minnesota Commerce Department cited fraud and scams as reasons for the ban. According to the department, once a transaction is completed with the machine, cryptocurrency can be transferred directly to a perpetrator, making recovery of the victim's money extremely difficult.

The Rochester Police Department has investigated multiple reports involving people manipulated by scammers into depositing thousands of dollars in cash into such kiosks. The machines are to be taken offline by August 1 and physically removed from retail locations by December 31.