ALBUQUERQUE, N.M. — Albuquerque residents will soon see cryptocurrency ATMs removed from businesses across the city after Mayor Tim Keller signed a new ordinance aimed at reducing financial fraud.
The measure, known as the Virtual Currency Ordinance, prohibits the operation, hosting, and facilation of virtual currency kiosks, commonly known as cryptocurrency ATMs, as well as cashier-assisted cryptocurrency transactions within Albuquerque city limits.
City officials say the machines have increasingly been used in scams that persuade victims to convert cash into cryptocurrency, making the money difficult or impossible to recover. Officials noted that older adults and other vulnerable populations are often targeted in these schemes.
“Scammers are constantly finding new ways to separate people from their money, and these kiosks have become another tool they can use,” Mayor Tim Keller said in announcing the ordinance.
The measure was sponsored by City Councilors Stephanie W. Telles and Tammy Fiebelkorn and was approved by the Albuquerque City Council on September 9 before being signed by the mayor.
Under the new law, businesses currently hosting virtual currency ATMs will have 45 days from the ordinance’s effective date to remove the machines. Property owners, retailers, and landlords will also be prohibited from allowing the kiosks on their premises.
Violations of the ordinance could result in daily fines, business license consequences, and other enforcement actions.
City leaders emphasized that the ordinance does not ban cryptocurrency itself. Residents may continue to legally buy, sell, own, mine, and transfer digital currency through online platforms that do not involve a physical cryptocurrency kiosk or cashier-assisted transaction.
The city says it will notify known cryptocurrency ATM operators and businesses hosting the machines about the new requirements and removal deadline.
