Albuquerque Passes Ordinance Banning Cryptocurrency ATMs and Counter Transaction Services

Odaily reports that Albuquerque, New Mexico, passed Ordinance O-26-49, the "Virtual Currency Ordinance," on September 10, prohibiting the operation, hosting, or facilitation of cryptocurrency ATM and over-the-counter cryptocurrency transaction services within city limits. City Councilor Stephanie W. Telles stated that approximately 90% of such local transactions are related to fraud.

The ordinance requires relevant operators to remove all affected devices within 45 days of the effective date, with violating individuals and entities facing cumulative fines. City Councilor Tammy Fiebelkorn stated that the ban aims to remove physical infrastructure that facilitates fraudulent activities.

The ban does not affect residents' ability to hold, own, mine, and transfer digital assets through other means. The number of cryptocurrency ATMs in the United States has dropped from 38,708 to 27,945, following Bitcoin Depot's cessation of operations. (Bitcoin.com News)