Mexico will ban cryptocurrency transactions in banks

29-06-2021

Mexican banks received a warning from regulators that cryptocurrencies are considered an illegal means of payment in the country. This situation occurred after Banco Azteca opened access to bitcoin transactions. The sharp reaction of regulators was also provoked by billionaire Ricardo Salinas Pliego. He criticized fiat money and reported storing 10% of his liquid assets in Bitcoin. Financial companies that violate the regulatory ban will face sanctions.

Statement by Arturo Herrera
Statement by Arturo Herrera, Minister of Finance of Mexico

Mexico’s financial regulators (Central Bank, National Commission of Banks and Securities, Ministry of Finance) also warn that saving and exchanging funds in digital assets entails risks. Regulatory officials have said that their mindset on the issue is unlikely to change anytime soon. 

In 2018 in Mexico, all companies whose activities are related to cryptocurrencies are required to obtain a license from the Central Bank. To do so, financial organizations must provide a detailed business plan, which lists all operations with digital assets, expected commissions, and ways to identify customers.

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