Cryptocurrency ATMs, small terminals often found in gas stations and corner stores that convert cash directly into virtual currencies like Bitcoin, have quickly become a favorite tool of scammers. The state clearly needs to crack down. The only real question is whether to allow the machines to operate at all.

Since the first cryptocurrency ATM was installed in South Station in 2014, roughly 500 have cropped up across Massachusetts. A recent Globe investigation found that they were used to scam Massachusetts residents out of roughly $7 million last year — an estimate that experts say is likely a massive undercount.

Posing as bank representatives or law enforcement, scammers call vulnerable people, often seniors, and tell them that they…