Mobile Prices / Blog / Cryptocurrency / Mexico's Finance Minister: Cryptocurrencies Are Prohibited From Being Used in Financial System

Mexico's Finance Minister: Cryptocurrencies Are Prohibited From Being Used in Financial System


By Yes Mobile

Mexico's Finance Minister: Cryptocurrencies Are Prohibited From Being Used in Financial System

Mexico's Finance Minister: Cryptocurrencies Are Prohibited From Being Used in Financial System

Mexico’s central financial institution, finance ministry, and banking regulator have collectively issued a warning about cryptocurrency. Finance Minister Arturo Herrera emphasised that cryptocurrencies are prohibited from getting used in Mexico’s monetary system.

The central financial institution of Mexico, the finance secretary, and the Nationwide Banking and Securities Fee (CNBV) stated in a joint assertion Monday that crypto belongings aren’t authorized tender in Mexico and aren’t thought of currencies underneath present legal guidelines.
The regulators warned that monetary establishments working with them are topic to sanctions.
Their assertion reads: “The monetary authorities reiterate their warnings … on the dangers inherent in the usage of so-called ‘digital belongings’ as a way of change, as a retailer of worth or as one other type of funding.” It provides:

The nation’s monetary establishments aren’t licensed to hold out and provide to the general public operations with digital belongings, akin to bitcoin, ether, XRP and others in order to keep up a wholesome distance between them and the monetary system.

The assertion additionally warns that cryptocurrencies are typically risky and speculative belongings, noting that they don’t serve the identical perform as cash, “since their acceptance as a way of fee is proscribed and they don’t seem to be a superb reserve or worth reference.”
As well as, the usage of stablecoins shouldn’t be permitted underneath present Mexican legislation.

At a information convention Monday, Reuters reported Mexico’s finance minister, Arturo Herrera, as saying:

Below present guidelines cryptocurrencies are prohibited from getting used in the Mexican monetary system, underscoring that the prohibition will probably not change in the close to time period.

The authorities’ statements got here after Mexican billionaire Ricardo Salinas Pliego stated Sunday: “I like to recommend the usage of bitcoin, and me and my financial institution are working to be the primary financial institution in Mexico to just accept bitcoin.”
Luis Gonzali, co-director at Franklin Templeton Investments in Mexico, believes that the regulators’ assertion was “a response to the feedback [of] Salinas Pliego,” noting that “It’s a approach of claiming his financial institution can’t settle for bitcoins though he desires to … it’s a approach of placing a cease to him.”

What do you consider Mexico’s method to cryptocurrency regulation? Tell us in the feedback part beneath.

Yes Mobile
Yes Mobile is the senior mobile blog writer and technology expert. Our aim provides the best information about mobile technology and latest mobile prices in Pakistan new mobile news video reviews issues etc. And how to use software easy ways. and much more.

Latest Posts

Latest Mobile Price List in Pakistan

BlackBerry DTEK70 Coming Soon
BlackBerry DTEK60 Coming Soon
Tecno Phantom 8 Rs. 34,500
Apple iPhone XS Max Rs. 166,499
Apple iphone 8 Plus Rs. 110,499
Apple iphone 8 Rs. 96,499
Apple iPhone X Rs. 128,499
Huawei Nova 3 Rs. 58,499
Honor 9 Mobile Rs. 55,499
Tecno Camon 11 Pro Rs. 29,500
Nokia 8 Sirocco Rs. 103,500
Meizu Zero Rs. 67,500
Nokia 5.1 Rs. 18,500
Nokia X6 Rs. 31,500
Nokia 4 Rs. 19,500
Realme 2 Rs. 25,499
Tecno Camon iACE2X Rs. 13,300
Realme U1 Rs. 28,499
Meizu Note 8 Rs. 44,500
Realme C1 Rs. 18,000
Meizu 16s Plus Rs. 71,500
Huawei P30 Pro Rs. 173,500
Samsung Galaxy A70 Rs. 61,499
Huawei P30 Lite Rs. 43,499
Oppo F11 Pro Rs. 54,499
Oppo A5s Rs. 19,500
Samsung Galaxy A10 Rs. 20,500
Vivo V15 Pro Rs. 57,500