The Central Bank of Mexico, together with the Ministry of Finance and the National Commission for Banking and Securities, have warned the country’s financial institutions against dealing with cryptocurrencies.
According to the statement, digital assets are not legal tender in Mexico and banks that will work with cryptocurrencies run the risk of receiving sanctions from regulators.
Interestingly, the authorities’ announcement came a day after Mexican billionaire Ricardo Salinas Pliego announced his bank’s Banco Azteca support for bitcoin.
During a conference call on Monday, Mexico’s Finance Minister Arturo Herrera stressed that current laws prohibit the use of cryptocurrencies in the country’s financial system and this is unlikely to change in the foreseeable future.
“Financial regulators reiterate their warnings about the use of so-called ‘virtual assets’ as a medium of exchange, savings or other form of investment,” Herrera said.
Recall that in early June, El Salvador’s legislators passed a bill giving bitcoin legal tender status in the country. This will enable a significant part of the population of El Salvador to gain access to financial services.
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