Albuquerque Bitcoin, Crypto ATM Ban Takes Effect With $500 Daily Fines

Albuquerque’s ban on crypto ATMs and cashier-facilitated cryptocurrency transactions has taken effect, exposing noncompliant businesses to financial penalties and possible closure. Officials are targeting cash conversion services used in scams that can leave victims unable to recover their money. Businesses operating or hosting cryptocurrency ATMs in Albuquerque, New Mexico, must stop the machines immediately under the city’s newly effective Virtual Currency Ordinance. In its Oct. 21 announcement, the city emphasized Dec. 5 as the deadline for physical removal, giving operators 45 days to take the kiosks away. Residents retain the right to lawfully own, possess, mine, and privately transfer cryptocurrency through internet-based exchanges and personal digital wallets. Those wallets enable cryptocurrency transfers by managing the keys used to authorize transactions.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.