The city of Albuquerque, New Mexico, known as the backdrop for the television series Breaking Bad and Better Call Saul, has enacted a strict prohibition on Bitcoin ATMs in a move aimed at curbing cryptocurrency-related scams.
Virtual Currency Ordinance takes effect
The new Virtual Currency Ordinance, which became law on October 21, blocks the operation of all cryptocurrency kiosks within Albuquerque. It further bans any kind of cryptocurrency transaction conducted with assistance from a cashier at businesses in the city.
Albuquerque’s City Council passed the ordinance with a 6-3 vote in early September. Mayor Tim Keller subsequently signed it into law, underscoring the city’s push to strengthen consumer protections against crypto-related fraud.
Immediate shutdown and removal required
With this new regulation, all existing Bitcoin ATMs must stop operating immediately. Operators have a 45-day window from the ordinance’s start date to physically remove their machines from any locations across the city.
The authorities stated that noncompliance will be met with strict penalties including daily fines, license revocation, or additional enforcement actions against the businesses hosting these kiosks.
| Requirement | Detail |
|---|---|
| Immediate shutdown | All Bitcoin ATMs must stop operation |
| Removal deadline | 45 days from October 21 |
| Penalties | Daily fines, license loss, other measures |
Fraud concerns drive ban
City officials reported a growing trend of scams involving cryptocurrency ATMs, with many victims being elderly residents. These kiosks differ from regular bank ATMs as they enable users to exchange cash directly for Bitcoin and other cryptocurrencies.
According to officials, scammers often impersonate government agents, law enforcement, or public utility employees to pressure individuals into depositing money into cryptocurrency kiosks. Once funds are transferred to a scammer’s wallet, recovery becomes extremely difficult.
Mayor Tim Keller, who leads Albuquerque, emphasized the need for decisive action, stating,
“Scammers are constantly looking for new ways to cheat people out of their money. They’ve added these kiosks to their bag of tricks.”
Recent years have seen a sharp increase in cryptocurrency kiosk-related fraud complaints. The Federal Bureau of Investigation recorded over 13,400 such reports, with more than half submitted by individuals older than 50.
Mini dictionary: Virtual Currency Ordinance, an official city law regulating or restricting activities involving cryptocurrencies, often established to provide clarity and enforce consumer protection at the local government level.
