Speingfield, Illinois (KWQC) – Operators of virtual currency kiosks in Illinois could soon be regulated by the state.
The Executive Committee of the Illinois Senate argued on Wednesday to a bill that would place cryptocurrency kiosks under the supervision of the Illinois financial and professional regulation department.
The Senate 2319 bill would oblige operators from virtual currency to report to the ministry and pay fees.
Senator of the State Laura Ellman said that the bill made protections to consumers.
“Currently, there is no regulation, no consumer protection, for cryptographic kiosks in Illinois,” said Ellman. “And this bill establishes these consumer protections, and it also offers industry a predictable framework not only to operate, but also grow here in Illinois.”
The exact number of these types of kiosks in Illinois is not known but here in the quadrules, there are seven Bitcoin ATM Through Rock Island, Moline and East Moline.
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