| | | | | | | | Council Communication
Department: Legal
Case/Project No.:
Submitted by: Graham Jura and Todd Weddum | Ordinance 6625
ITEM 5.A. | Council Action: 1/27/2025 |
|
| | | | | | | | Description
Ordinance to amend Title 8 Public Safety and Morals of the 2020 Municipal Code of Council Bluffs, Iowa by enacting new Chapter 8.95 “Cryptocurrency ATM Warning Requirement” |
|
| | | | | | | | Background/Discussion
The City of Council Bluffs has seen an uptick in Crypto ATM related scams with the proliferation of such ATM’s in the city. With such technology being relatively new, it has become easier for criminals to scam individuals out of funds due to a general lack of understanding of what cryptocurrency is. CBPD reports that over the past 2 years, they’ve had 32 citizens reports, totaling over $386,000 in losses due to crypto scams. In order to protect the safety and welfare of the general public, it is vital that we require warnings to be posted to assist individuals in determining the risks of depositing money into such ATM’s and whether the parties asking them to deposit the money are legitimate. |
|
| | | | | | | | Recommendation
Approval is recommended. |
|
| ATTACHMENTS: | | Description | Type | Upload Date | | Ordinance 6625 | Ordinance | 1/22/2025 |
|
|