It is forbidden to use cryptocurrencies in the financial system – Bitcoin Regulation News


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

Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.


Leave A Reply