The Metropolis of San Antonio beginning to deal with the dangers of cryptocurrency — or at the least warn residents about them.
Metropolis Council on Thursday unanimously authorised an ordinance requiring companies working cryptocurrency kiosks — Bitcoin teller machines, for instance — to publish signage warning customers of frequent cryptocurrency scams.
District 7 Councilwoman Marina Alderete Gavito referred to as the brand new requirement a “easy, but impactful step” to stop residents from irreversibly shedding hundreds of {dollars}.
The ordinance was handed within the midst of a pointy improve in cryptocurrency scams, in keeping with District 5 Councilwoman Teri Castillo. Callers claiming to be regulation enforcement or authorities businesses have been identified to direct victims to switch cryptocurrency, and the scams goal seniors and susceptible residents.
“By requiring warning indicators at these kiosks, we’re giving folks a important second to pause, acknowledge the warning indicators of fraud and keep away from devastating monetary losses,” Castillo mentioned in an emailed assertion.
Castillo, Alderete Gavito and District 10 Councilman Marc Whyte, requested a particular session on cryptocurrency fraud prevention on Feb. 25. That assembly culminated within the addition of the signage.
The ordinance goes into impact July 1.
San Antonio Police Division (SAPD) will develop the indicators and work with Code Enforcement to make sure compliance. Companies that don’t comply could face citations between $100-$500.
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