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Oklahoma launches new law to regulate cryptocurrency ATMs to prevent fraudsters from harming the elderly

Online reports, News On 6 reported that a new law in Oklahoma aims to prevent fraudsters from using cryptocurrency ATMs to steal funds, especially from the elderly. The law, which takes effect in November, will limit first-time users to withdrawals of more than $2000 within 72 hours, requires self-service cash machines to be licensed and tracked, and allows fraud victims to seek refunds within 14 days after reporting it. Lawmakers and the Oklahoma chapter of the American Association of Retired Persons (AARP) said the law is a step towards protecting local residents from increasingly rampant digital fraud.

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