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.
En los últimos días ha habido mucho interés en torno a las #criptomonedas.
En este comunicado @Hacienda_Mexico, @Banxico y @cnbvmx refrendamos la posición institucional sobre esto. pic.twitter.com/Zasd01lIxS
— Arturo Herrera Gutiérrez (@ArturoHerrera_G) June 28, 2021
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.
Here is a video of Mexico’s third wealthiest man explaining why he believes all fiat currencies are a fraud and he wants to hold bitcoin over the next 30 years.
Incredible to see this from @RicardoBSalinas given his historic wealth and success. pic.twitter.com/FDVPxgWfFj
— Pomp 🌪 (@APompliano) June 27, 2021
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.
Ok guys. Seems like the bank deleted the notice only a few minutes after it released. https://t.co/6YrXyVthOm pic.twitter.com/PCbVIQYUru
— 8BTCnews (@btcinchina) June 21, 2021
