Mexico warns banks of sanctions for using Bitcoin

Cryptocurrencies are not legal tender in Mexico, and their use by financial institutions is subject to sanctions. This is stated in a joint statement by the local central bank, the Ministry of Finance and the National Banking and Securities Commission.

In recent days there has been much interest around #criptomonedas.

In this statement @Hacienda_Mexico, @Banxico and @cnbvmx reaffirm our institutional position on this. pic.twitter.com/Zasd01lIxS

— Arturo Herrera Gutiérrez (@ArturoHerrera_G) June 28, 2021

«Financial authorities reiterate their warnings about the risks associated with using so-called “virtual assets” as a medium of exchange, store of value, or other form of investment», the statement said.

Regulators stressed that financial institutions operating in the country “are not authorised to carry out and offer operations with virtual assets”, including Bitcoin, Ethereum and XRP. Finance Minister Arturo Herrera questioned whether the authorities’ stance would change in the near future.

In 2018 the local central bank required crypto platforms to obtain licenses to operate.

In 2020, Jump Capital analysts included Mexico in the top three of the most promising jurisdictions for Bitcoin and other digital assets. By the same year, the country accounted for nearly 11% of all retail crypto payments in Latin America.

Earlier, Ricardo Salinas Pliego, one of Mexico’s wealthiest individuals, spoke in support of digital gold and called fiat money fraudulent. According to the billionaire, his Banco Azteca could begin accepting Bitcoin.

Subscribe to ForkLog news on VK!