Spokane City Council Votes to Prohibit Virtual Currency Kiosks

Spokane City Council voted unanimously on Monday to enact ordinance C36704, which bans virtual currency kiosks in the city. Council Member Paul Dillon stated the ordinance aims to protect vulnerable Spokane residents from scams. The FBI reported almost $5. 6 billion in losses from virtual currency kiosk scams across the U. S.

in 2023, with Washington state experiencing nearly $142 million in losses. Detective Tim Schwering remarked on the devastating impact of these scams, noting that many individuals lost their life savings. The ordinance represents a proactive measure by local officials to address a growing issue. The Spokane Police Department will track the effectiveness of the ordinance in reducing crimes associated with virtual currency kiosks. A new chapter titled "Virtual Currency" will be integrated into the Spokane Municipal Code as part of this legislation.

This action positions Spokane as the first city in Washington state to implement such a ban.