Lisa Gardner, City Council Communications Director, 509.625.6226
Tuesday, December 3, 2024 at 8:14 a.m.
During Monday’s Legislative Session, Council voted unanimously to pass a resolution, supporting the amendment of state law to enhance the protection of consumers from fraud via virtual currency kiosks.
“The Federal Trade Commission reported that in 2023 Washington State had the highest rate per million in population than any other state reporting imposter scams”, stated Council Member Paul Dillon who introduced the resolution. “The proposed changes to state law will protect vulnerable Spokane Citizens from scams involving virtual currency kiosks”.
The current proposed changes include limiting daily transactions to $1,000 per day, setting limits and guidelines for fees, and requiring every kiosk to clearly, conspicuously, and separately disclose to the consumer information regarding ownership of the kiosk and contact information.
