California to Regulate Bitcoin ATMs Under State Law
The city of Chico, California is seeking support from state and local laws to better regulate Bitcoin ATMs. During a local government committee discussion on August 7th, Butte County Chief Administrative Officer Andy Pickett discussed the ongoing regulation of Bitcoin. Pickett reported on recent state-level legislation aimed at limiting fraud cases related to Bitcoin ATMs. In October 2023, an investigation by California's legislative body found that some cryptocurrency ATMs charge premiums as high as 33%, with some ATMs having limits of up to $50,000. Therefore, a bill was passed to limit deposits to $1,000 per day. Additionally, California requires all cryptocurrency ATM transfers to provide receipts and disclose the operator's name.
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