Plain English Breakdown
The official source does not provide specific penalties beyond injunctive relief, civil penalty up to $10,000, and a private right of action for damages.
Law About Cryptocurrency Kiosks
This law bans cryptocurrency kiosks in Delaware and requires existing ones to be removed within three months.
What This Bill Does
- Prohibits the ownership, installation, or operation of cryptocurrency kiosks in Delaware.
- Requires that any existing cryptocurrency kiosks must be removed within 90 days after the law takes effect.
- Prohibits cashier-assisted or point-of-sale cryptocurrency transactions designed to replicate or substitute for a cryptocurrency kiosk.
- Makes it against the rules for anyone to facilitate prohibited transactions or knowingly allow such activity on their property.
Who It Names or Affects
- People who own, install, or operate cryptocurrency kiosks in Delaware.
- Businesses and individuals who might use cryptocurrency kiosks.
- Anyone who facilitates prohibited transactions or allows them on their premises.
Terms To Know
- Blockchain
- A digital ledger that records transactions in a decentralized manner and is not controlled by a single entity. Each block of data is cryptographically linked to the previous block of data.
- Cryptocurrency
- A virtual currency or other nonfungible token stored through blockchain.
Limits and Unknowns
- The law does not specify what happens if someone violates the ban on cryptocurrency kiosks.
- It is unclear how strictly this law will be enforced and its impact on businesses already using cryptocurrency kiosks.