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Sterling Heights adopts ordinance to license and limit virtual-currency machines after fraud concerns
Summary
The Sterling Heights City Council adopted an ordinance amending Chapter 29 to license and regulate virtual-currency machines, citing fraud reports and recommendations from Grosse Pointe Farms and AARP; the ordinance includes daily and monthly transaction limits intended to protect older residents.
Sterling Heights — The City Council on Jan. 6 approved an ordinance amending Chapter 29 of the city code to add licensing and operational regulations for virtual-currency machines and associated devices, a measure council members said is intended to curb scams and protect vulnerable residents.
Councilmembers discussed the proposal after testimony from Lev Wood and Sierra Donovan of Grosse Pointe Farms, who outlined a timeline of local fraud reports that prompted their city to adopt similar rules. "One of our residents fell victim to a scam," Wood said, describing a caller who urged a resident to deposit money into a Bitcoin machine and…
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