Mexico’s central bank, the finance ministry and the banking regulator have jointly issued a cryptocurrency warning. Finance Minister Arturo Herrera stressed that it is forbidden to use cryptocurrencies in the Mexican financial system.

  • Mexico’s central bank, secretary of finance, and the National Banking and Securities Commission (CNBV) said in a joint statement Monday that crypto assets are not legal tender in Mexico and are not considered currencies. under the laws in force.
  • Regulators have warned that financial institutions operating with them are subject to penalties.
  • Their statement reads as follows: “The financial authorities reiterate their warnings (…) He adds:

The country’s financial institutions are not allowed to conduct and offer to the public transactions with virtual assets, such as bitcoin, ether, XRP and others in order to maintain a healthy distance between themselves and the financial system.

  • The statement also warns that cryptocurrencies tend to be volatile and speculative assets, noting that they do not perform the same function as money, “because their acceptance as a means of payment is limited and they do not constitute not a good reference of reserve or value “.
  • Additionally, the use of stablecoins is not permitted under current Mexican law.

  • At a press conference on Monday, Reuters reported that Mexican Finance Minister Arturo Herrera said:

Under current rules, it is forbidden to use cryptocurrencies in the Mexican financial system, pointing out that the ban is unlikely to change in the short term.

  • The authorities’ statements came after Mexican billionaire Ricardo Salinas Pliego said on Sunday: “I recommend the use of bitcoin, and my bank and I are working to be the first bank in Mexico to accept bitcoin.”
  • Luis Gonzali, co-director of Franklin Templeton Investments in Mexico, said the regulators’ statement was “a reaction to the comments. [of] Salinas Pliego ”, noting that“ this is a way of saying that his bank cannot accept bitcoins even if he wants to… it is a way of stopping him ”.

What do you think of Mexico’s approach to cryptocurrency regulation? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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