On Friday, October 2, Mayor Tim Keller enacted Albuquerque’s new Virtual Currency Ordinance, labeled O-26-49, which aims to enhance consumer safety against financial scams linked to physical cryptocurrency kiosks.
This new regulation bans the use of virtual currency ATMs and cashier-assisted transactions involving digital currencies within the city. However, it does not restrict individuals from owning, possessing, mining, or transferring cryptocurrency through online platforms and personal digital wallets.
These cryptocurrency kiosks have become popular for enabling cash-to-digital currency exchanges but have also been exploited in impersonation scams and coercive payment frauds. Such scams can impact anyone, particularly older adults and other vulnerable groups, who are often targeted more frequently. Once funds are converted into virtual currency and sent, retrieving them can prove to be exceedingly challenging.
“Scammers are always inventing new tactics to deceive individuals out of their money, and these kiosks serve as an additional method,” stated Keller. “By removing this option, we are implementing essential measures to protect Albuquerque residents, especially those who are most frequently affected by these frauds.”
Virtual currency ATMs currently operating must be shut down and physically removed within 45 days following the ordinance’s enactment. Property owners, landlords, and businesses are also restricted from hosting these machines.
During the signing event, Keller was accompanied by District 1 City Councilor Stephanie W. Telles, AARP New Mexico Associate State Director for Advocacy Othiamba Umi, and Dr. Nina Cooper, Deputy Director of the Office of Equity and Inclusion, who all highlighted the importance of the ordinance in safeguarding residents from financial fraud.
“Older adults are often prime targets for financial scams, and once money is moved through a virtual currency kiosk, it can be extraordinarily difficult to recover those funds,” Umi noted. “Implementing safeguards before such transactions can mitigate the risk of significant financial loss.”
Supported by Telles and District 7 City Councilor Tammy Fiebelkorn, O-26-49 received approval from the Albuquerque City Council on September 9.