Albuquerque’s Ban on Bitcoin ATMs
Albuquerque, New Mexico, widely known for its association with the acclaimed television series Breaking Bad and its sequel Better Call Saul, has made a significant move in the realm of digital currency by officially prohibiting Bitcoin ATMs. This decision is part of a broader initiative aimed at tackling cryptocurrency-related fraud, particularly incidents that target vulnerable populations such as the elderly.
Details of the Ordinance
Effective from October 21, the newly enacted Virtual Currency Ordinance bans the installation of cryptocurrency kiosks and bars any transactions involving cryptocurrency facilitated by cashiers within the city limits. The Albuquerque City Council approved the ordinance with a 6-3 vote on September 9, which was subsequently endorsed by Mayor Tim Keller.
As a result of this legislation, all existing Bitcoin ATMs are required to cease operations immediately. Operators of these machines have a window of 45 days from the ordinance’s effective date to dismantle their kiosks. Should businesses fail to comply, they risk facing daily fines, revocation of their licenses, and other punitive measures.
Concerns Over Fraud
Officials in Albuquerque have noted a troubling rise in the use of cryptocurrency ATMs by fraudsters aiming to deceive individuals, particularly those over 50 years old. Unlike standard ATMs, these kiosks allow users to exchange cash for Bitcoin and other digital currencies, and criminals often impersonate government officials or utility employees to coerce victims into making cash deposits. Unfortunately, once cryptocurrency is transferred into a scammer’s wallet, recovery of those funds is typically elusive.
Mayor Keller highlighted the persistent ingenuity of scammers, 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.”
The increasing prevalence of fraud linked to cryptocurrency ATMs has led to national attention, with the FBI reporting over 13,400 complaints related to these machines, over half of which originate from individuals aged 50 and older.
