Sterling Heights to regulate crypto machines after scams targeting users
Sterling Heights leaders are taking steps to safeguard seniors and other residents from fraud they say is tied to cryptocurrency kiosks in the city.
The Sterling Heights City Council will consider adopting an ordinance Tuesday for new licensing and operation regulations for virtual currency machines, including cryptocurrency kiosks and Bitcoin ATMs.
“We’re trying to protect our citizens the best we can by creating an ordinance that’ll regulate some of the ways that these scams occur,” said Andrew Satterfield, Sterling Heights chief of police.
Cryptocurrencies are digital currency that can be used for internet-based electronic payments or as a store of value, and they function independently of governments and central banks, according to…
