Better Call Saul? Albuquerque Bans Bitcoin ATMs
Albuquerque, New Mexico, the setting of the TV show Better Call Saul, has officially outlawed Bitcoin ATMs as part of a city-wide effort to combat fraud involving cryptocurrency.
The Virtual Currency Ordinance, which took effect on October 21, bans the use of cryptocurrency kiosks and any cryptocurrency transaction aided by a cashier from operating inside the city. All existing Bitcoin ATMs must immediately stop working, and operators have 45 days to physically remove them.
The ordinance was passed 6-3 by the Albuquerque City Council on September 9 before Mayor Tim Keller signed it. The city may impose daily fines, license revocation, and other enforcement actions against the businesses where these kiosks are located if they do not comply.
Scammers are constantly looking for new ways to cheat people out of their money. They've added these kiosks to their bag of tricks.
City officials state that criminals are increasingly using cryptocurrency ATMs to defraud more vulnerable members of the population, especially the elderly. Many fraudsters claim to be government officials, law enforcement, or utility workers to pressure their victims into making cash deposits at the cryptocurrency kiosks.
If cryptocurrency ends up in a scammer's wallet, it is often very hard to get it back. The crackdown comes as cryptocurrency ATM fraud has become a bigger problem across the country. The FBI has been hit with over 13,400 complaints about cryptocurrency kiosks, with more than half of these reports coming from people over the age of 50.
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