Council Protects Consumers from Crypto Scams by Passing Virtual Currency Ordinance

ALBUQUERQUE, NM — Tonight, the Albuquerque City Council approved O-26-49, formally known as the “Virtual Currency Ordinance,” prohibiting the operation, hosting, and facilitation of Virtual Currency Automatic Teller Machines (ATMs) and cashier-facilitated virtual currency transactions within City limits.

Co-sponsored by District 1 Councilor Stephanie W. Telles and District 7 Councilor Tammy Fiebelkorn, the groundbreaking legislation addresses a rapid, nationwide increase in financial fraud facilitated by physical cryptocurrency kiosks. The ordinance acts as a critical consumer protection measure, specifically safeguarding older adults and other vulnerable populations who are disproportionately targeted by impersonation scams and coercive payment schemes.

"Let's be honest about what these cryptocurrency kiosks really are: A conduit for exploitation and crime," said City Councilor Stephanie W. Telles. "No one who legitimately exchanges or transmits virtual currency uses these kiosks, because the high fees make them a ripoff. So, who does? Scammers, organized crime, and human traffickers because the transactions are instant, anonymous, and impossible to reverse once the cash disappears. When 90 percent of crypto ATM transactions in Albuquerque are tied to fraud, that's not a financial service, it's a crime scene. I am grateful my colleagues chose to stand with families and protect our most vulnerable neighbors before anyone else becomes a victim. Banning their use is the only response proportionate to the scale of harm these machines cause."