The City of San Antonio starting to address the risks of cryptocurrency — or at least warn residents about them.
City Council on Thursday unanimously approved an ordinance requiring businesses operating cryptocurrency kiosks — Bitcoin teller machines, for example — to post signage warning users of common cryptocurrency scams.
District 7 Councilwoman Marina Alderete Gavito called the new requirement a “simple, yet impactful step” to prevent residents from irreversibly losing thousands of dollars.
The ordinance was passed in the midst of a sharp increase in cryptocurrency scams, according to District 5 Councilwoman Teri Castillo. Callers claiming to be law enforcement or government agencies have been known to direct victims to transfer cryptocurrency, and the scams target seniors and vulnerable residents.
“By requiring warning signs at these kiosks, we are giving people a critical moment to pause, recognize the warning signs of fraud and avoid devastating financial losses,” Castillo said in an emailed statement.
Castillo, Alderete Gavito and District 10 Councilman Marc Whyte, requested a special session on cryptocurrency fraud prevention on Feb. 25. That meeting culminated in the addition of the signage.
The ordinance goes into effect July 1.
San Antonio Police Department (SAPD) will develop the signs and work with Code Enforcement to ensure compliance. Businesses that don’t comply may face citations between $100-$500.
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