New Jersey A3244 prohibits cryptocurrency automatic teller machines to protect consumers from fraud.
New Jersey A3244 prohibits any business entity from owning, controlling, installing, managing, selling, or offering for sale a cryptocurrency automatic teller machine (ATM) in the state. The bill aims to protect consumers from fraud associated with cryptocurrency ATMs, which have seen a significant rise in scams. The median loss reported by Bitcoin automatic teller machines was $10,000 in the first half of 2024, and individuals aged 60 and older were three times more likely to report such losses.
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