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Mexico's FM Affirms Cryptos Are Banned, Warns of Risks

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On Monday, a top Mexican official reaffirmed the country's ban on the use of cryptocurrencies in its banking system. Mexican financial officials announced on Monday that crypto assets are not legal money in Mexico and are not recognised currencies under current regulations, threatening financial institutions that deal with them with punishment.

 

The Bank of Mexico, the Finance Ministry, and the Banking Commission issued the statement after Mexican billionaire Ricardo Salinas Pliego indicated on Sunday that his banking firm, Banco Azteca, may start accepting bitcoin, making it the country's first bank to do so.

Mexico's FM Affirms Cryptos Are Banned, Warns of Risks

Investors were informed during the press conference that financial institutions in the country were "not authorised to conduct out and offer to the public operations with virtual assets." The officials also listed tokens like as Bitcoin, Ether, and XRP for good measure.

In a tweet to MicroStrategy CEO Michael Saylor, Mexican billionaire Ricardo Salinas Pliego revealed that he wants to accept Bitcoin through his bank, Banco Azteca.

According to the statement, Mexican financial institutions must not pass on the risks associated with cryptocurrency operations to their customers, and the use of so-called stablecoins - a type of cryptocurrency that is usually pegged to a traditional currency - is not permitted under current Mexican law.

Read more about: bitcoin cryptocurrency
Story first published: Tuesday, June 29, 2021, 20:06 [IST]
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