Albuquerque Bans Cryptocurrency Kiosks Amid Widespread Senior Scams

Albuquerque's city council has banned cryptocurrency kiosks in the city, following reports of widespread scams targeting seniors. The ban, which goes into effect in mid-October, targets kiosks that charge exorbitant fees for buying and selling cryptocurrencies.

The Virtual Currency Ordinance was signed into law by Mayor Tim Keller on Friday, after being passed by the city council on a 6-3 vote. Councilor Stephanie Telles, who sponsored the bill, said the kiosks are predatory, charging 25% to 30% fees, which is too high for legitimate cryptocurrency investors.

According to AARP, scammers have defrauded New Mexicans of millions through these kiosks in the past year. Telles said she had spoken with city officials about removal and was told they have already done outreach to kiosk owners to let them know they have 45 days to take them out.

Failure to comply may result in daily fines and business license revocation, according to Tim Walsh, a spokesperson for the Planning Department. The actual losses due to scams are likely higher than reported, as many victims feel ashamed to report their experiences.