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Analysis

The Mexican finance minister confirms that cryptocurrency has been banned from the financial system

June 29, 2021 - Around 2 mins mins to read

A senior Mexican official has reiterated the ban on the use of cryptocurrencies in the country’s financial system.

The Mexican Finance Minister confirms the ban on cryptocurrency from the financial system 3

Mexico’s Finance Minister Arturo Herrera said cryptocurrencies are not legal assets and are not considered a currency under the country’s current regulatory framework. Herrera emphasized in a presentation to the Financial Action Task Force (FATF), a global anti-money laundering group, that these bans will not be lifted in the short term.

Unfortunately, the announcement comes after billionaire Ricardo Salinas Pliego plans to have his bank accept Bitcoin, becoming the first bank in Mexico to accept cryptocurrency. Salinas is the chairman of Grupo Salinas, the bank’s parent company.

Herrera’s announcement came very quickly, just hours after Ricardo Salinas Pliego’s move. Herrera said his secretariat would issue a four-page joint communiqué setting out the government’s position.

The Central Bank of Mexico, the Treasury Secretary, and the National Securities and Banking Commission have made it clear that cryptocurrencies are not legal settlement assets or regulated currencies under any regulatory framework. In addition, they also warn about the risks of using cryptocurrencies.

In addition, the document states that financial institutions in Mexico are not allowed to transact crypto-assets such as Bitcoin (BTC), Ethereum (ETH) or XRP. Financial institutions that operate or offer crypto assets without authorization are violating the regulations and are subject to applicable sanctions.

However, not all Mexican officials hold such conflicting views. Eduardo Murat Hinojosa, a senator for the Mexican federal government, said he would present a proposal to lawmakers to introduce cryptocurrencies in the country as early as June, amid the growing wave of explosions in Latin America.

See more: Mexico follows Latin America’s wave towards Bitcoin introduction – domino effect formed?

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Analysis

The Mexican finance minister confirms that cryptocurrency has been banned from the financial system

A senior Mexican official has reiterated the ban on the use of cryptocurrencies in the country’s financial system.

The Mexican Finance Minister confirms the ban on cryptocurrency from the financial system 3

Mexico’s Finance Minister Arturo Herrera said cryptocurrencies are not legal assets and are not considered a currency under the country’s current regulatory framework. Herrera emphasized in a presentation to the Financial Action Task Force (FATF), a global anti-money laundering group, that these bans will not be lifted in the short term.

Unfortunately, the announcement comes after billionaire Ricardo Salinas Pliego plans to have his bank accept Bitcoin, becoming the first bank in Mexico to accept cryptocurrency. Salinas is the chairman of Grupo Salinas, the bank’s parent company.

Herrera’s announcement came very quickly, just hours after Ricardo Salinas Pliego’s move. Herrera said his secretariat would issue a four-page joint communiqué setting out the government’s position.

The Central Bank of Mexico, the Treasury Secretary, and the National Securities and Banking Commission have made it clear that cryptocurrencies are not legal settlement assets or regulated currencies under any regulatory framework. In addition, they also warn about the risks of using cryptocurrencies.

In addition, the document states that financial institutions in Mexico are not allowed to transact crypto-assets such as Bitcoin (BTC), Ethereum (ETH) or XRP. Financial institutions that operate or offer crypto assets without authorization are violating the regulations and are subject to applicable sanctions.

However, not all Mexican officials hold such conflicting views. Eduardo Murat Hinojosa, a senator for the Mexican federal government, said he would present a proposal to lawmakers to introduce cryptocurrencies in the country as early as June, amid the growing wave of explosions in Latin America.

See more: Mexico follows Latin America’s wave towards Bitcoin introduction – domino effect formed?

Synthetic

You may be interested in:

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