New Virtual Currency Ordinance Goes into Effect
Virtual Currency ATMs and Cashier-Facilitated Transactions Now Prohibited.
Today the City’s new Virtual Currency Ordinance goes into effect, which prohibits virtual currency ATMs and cashier-facilitated virtual currency transactions within Albuquerque. Existing virtual currency ATMs must cease operations immediately and be physically removed within 45 days, by December 5, 2026. Property owners, landlords, and retailers are also prohibited from hosting the machines. Failure to comply with the ordinance may result in fines of $500 per day and revocation of business license.
“Scammers are constantly finding new ways to separate people from their money, and these kiosks have become another tool they can use,” said Mayor Tim Keller. “We’re taking that tool off the table and putting protections in place for Albuquerque residents, especially those most often targeted by these schemes.”
Virtual currency kiosks allow users to convert cash into digital currency and have increasingly been used in impersonation scams and coercive payment schemes. These scams can affect anyone, with older adults and other vulnerable populations among those disproportionately targeted. Once a victim’s cash is converted to virtual currency and transferred, recovering those funds can be impossible.
“This is an important step forward for the community,” said Planning Department Director Alan Varela. “Anyone with a virtual currency ATM needs to shut it down and get rid of it ASAP or we will revoke your business license and close your entire business. The State and the City are coordinating our enforcement efforts to prevent people from getting swindled, and there will be no mercy for violators.”
The ordinance does not prohibit cryptocurrency itself. Residents may continue to lawfully own, possess, mine, and privately transfer virtual currency through internet-based exchanges and personal digital wallets.
Sponsored by City Councilors Stephanie Telles of District 1 and Tammy Fiebelkorn of District 7, O-26-49 was approved by the Albuquerque City Council Sept. 9. Mayor Tim Keller signed O-26-49 on Friday, Oct. 2.
To report violations of this Ordinance please call 311, submit a 311 report online, or through the ABQ311 app. Reports can be made anonymously.