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Sunday, December 22, 2024

Mexican banks were threatened with sanctions for the use of cryptocurrencies

Regulators have warned Mexican banks that digital assets are not legal tender in the country. This happened after it became known about the plans of the bank Banco Azteca to start accepting bitcoin.

The Central Bank of Mexico, along with the Ministry of Finance and the National Banking and Securities Commission, issued a warning that cryptocurrencies are not legal tender in the country.

Regulators have threatened banks and other financial institutions with sanctions for using digital assets as a payment instrument.

Also, the Mexican authorities warned about the risks associated with cryptocurrencies and their use as a store of value, investment and exchange.

Mexican Finance Minister Arturo Herrera expressed confidence that the authorities’ position on digital assets is unlikely to change in the near future.

Mexican regulators issued a warning after Mexican billionaire Ricardo Salinas Pliego said his bank Banco Azteca could start accepting bitcoin soon.

The billionaire also criticized fiat currencies and supported the main cryptocurrency. According to Pliego, he stores 10% of his liquid assets in bitcoin.

Since 2018, in Mexico, all organizations providing services related to cryptocurrencies must obtain an appropriate license from the country’s Central Bank. To obtain a license, a company must provide the regulator with a business plan with a full description of operations, planned fees and mechanisms for identifying users.

On June 21, it became known that the Chinese authorities prohibited banks and financial institutions from conducting operations related to cryptocurrencies.

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