Evansville Police are celebrating a new state law regarding Bitcoin ATMs. WNIN’s John Gibson reports:
Last year, the EPD’s Financial Crimes Unit approached State Rep. Wendy McNamara about the need for state legislation addressing crypto currency ATMs being used by scammers to take victims’ money.
With the assistance of the AARP, McNamara built off an Evansville city ordinance and enacted stronger measures to restrict the use of the machines for scams.
The EPD says the number of such scams had been doubling each year, with an average loss of $11,000.
Police say ATM companies were collecting an average 38-percent transaction fee.
Legislators heard testimony at the State Capitol from the EPD, AARP, and other concerned organizations and decided to enact a full ban on crypto currency ATMs, the first of its kind in the nation.
It went into effect as an emergency declaration in March.
Gov. Braun held a ceremonial bill signing this week.