- Texas Rep. writes letter to install crypto ATMs in federal building to back financial inclusion.
- By giving access to cryptocurrency ATMs in federal buildings, we can ensure that the public spaces mirror this swiftly evolving trend- Texas Rep.
The policymakers of Texas are planning to bring digital currency to the citizens of America by positioning crypto ATMs in federal buildings.
A Republican representative of Texas, Lance Gooden, wrote a letter to Stephen Ehikian, acting administrator of the General Services Administration, on May 1, and requested the urgency to promote crypto infrastructure by adding machines.
The General Services Administration (GSA) is responsible for managing government buildings, including some of the regular banking ATMs. The letter also mentioned that crypto is a crucial part of the global financial system, and the use of ATMs in federal buildings will back the financial needs of a diverse and rising consumer base.
The representative also wrote in the letter that by giving access to cryptocurrency ATMs in federal buildings, we can ensure that the public spaces mirror this swiftly evolving trend. Also, the proposal is in line with Trump’s vision of making the US a crypto leader.
ATM Access Sparks Debate
Positioning more crypto ATMs may be a piece of good news for cyber criminals aiming at the natives of America with hacks. In 2024, around 11,000 complaints were filed associated with crypto ATMs and kiosks.
The numbers were 99% up as compared to its previous year, as per the FBI’s Internet Crime Complaint Center. The total loss is estimated at $246.7 million. And citizens above 60 years old alone lost $107 million.
Fraud associated with crypto ATMs consists of extortion, tech support scams, government impersonation schemes, and many more. The scammers mostly ask targets to use them to transfer money because of the difficulty of recovering funds.
Considering all these, the UK has banned crypto ATMs, and France, Australia, and Germany have so far put a stop to unregistered operators. In the United States, some cities as well as states are also putting restrictions or bans.
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