SPEINGFIELD, Ill.(KWQC) -Operators of virtual currency kiosks in Illinois may soon be regulated by the state.
The Illinois Senate Executive Committee advanced a bill on Wednesday that would place cryptocurrency kiosks under the supervision of the Illinois Department of Financial and Professional Regulation.
Senate Bill 2319 would require virtual currency kiosk operators to report to the department and pay fees.
State Senator Laura Ellman said the bill gives consumers protections.
“Currently, there are no regulations, no consumer protections, for crypto kiosks in Illinois,” Ellman said. “And this bill establishes those consumer protections, and it also provides industry a predictable setting to not only operate, but also grow here in Illinois.”
The exact number of these types of kiosks in Illinois aren’t known but here in the Quad Cities, there are seven Bitcoin ATMs across Rock Island, Moline and East Moline.
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