NEWS

New law bans cryptocurrency kiosks in Albuquerque

Authorities say kiosks are used by scammers to defraud seniors

An ordinance banning cryptocurrency kiosks in the city of Albuquerque was signed into law Friday as authorities warn of a high level of fraud associated with the machines.

Officials say there are at least 100 of the kiosks in convenience stores and smoke shops around Albuquerque. The city is still ironing out a plan to remove the kiosks.

The Virtual Currency Ordinance, sponsored by Councilors Stephanie Telles and Tammy Fiebelkorn, was passed by City Council on Sept. 9 on a 6-3 vote, with Councilors Brook Bassan, Renée Grout and Dan Lewis voting against the measure.

On Friday, Mayor Tim Keller signed the bill into law.

AARP said Friday that in the past year, New Mexicans, particularly seniors, had been defrauded of millions through the kiosks. The ban comes as cities across the country do away with the kiosks, also called ATMs, and raise awareness of the fraud tied to them.