Albuquerque Bans Virtual Currency ATMs to Combat Scams and Protect Vulnerable Residents

The Albuquerque City Council has passed an ordinance to protect consumers from cryptocurrency scams by banning virtual currency ATMs and cashier-facilitated transactions within city limits.

Co-sponsored by District 1 Councilor Stephanie W. Telles and District 7 Councilor Tammy Fiebelkorn, the 'Virtual Currency Ordinance' addresses a rapid increase in financial fraud facilitated by physical cryptocurrency kiosks nationwide.

Councilor Telles stated that 'these cryptocurrency kiosks really are: A conduit for exploitation and crime,' adding that 'the high fees make them a ripoff.'

The ordinance aims to safeguard older adults and other vulnerable populations who are disproportionately targeted by impersonation scams and coercive payment schemes.