Mexico is not Ready to be like El Salvador

Mexico is not Ready to be like El Salvador

The Mexican government has sent a message to digital currency proponents that the country still hasn’t accepted cryptocurrencies as a legal tender. The announcement was released just after Ricardo Salinas Pliego said two days ago that he will have a Bitcoin-oriented bank.

The body in charge of seeing that things go well in Mexico’s financial sector has reminded financial institutions to be mindful of  the way they regard cryptocurrencies, stating that it is not a legal tender.

This announcement was facilitated by the Bank of Mexico and the National Banking and Securities Commission. They also seized the opportunity to educate the public on the inborn risks of handling cryptocurrencies especially in trading and storing wealth. Based on the latest release, it is unacceptable for any financial institution to render services in virtual assets especially Bitcoin, Ripple, and Ethereum.

The development can be assumed to be triggered by what Ricardo Salinas Pliego said about his plans for BTC. The wealthy Mexican mentioned on Sunday that his personal efforts to drive BTC into the hands of many include making it acceptable in his own bank, Banco Azteca.

The minister for finance, Arturo Herrera, reminded financial institutions that it was unconstitutional of them to promote cryptocurrencies. Notwithstanding, the authorities assured their listeners that they were not against the evolvement of virtual assets and would still adopt any important feature that comes from their technology.

Although Mexico has decided not recognize cryptocurrencies, its neighboring countries have gladly done so. In the beginning of June, El Salvador announced its intention to support Bitcoin’s usage nationally while Carlos Rejala, a lawmaker in Paraguay, said he was making efforts to make the importance of using Bitcoin known to his colleagues next month.

Even though some lawmakers in Mexico gave their positive inclination to Bitcoin publicly after El Salvador’s announcement, it is now clear that the intention of the lawmakers to promote BTC’s acceptance in the country will most likely not scale through. In 2020, so much concern was raised about influential Mexicans who used crypto to cover up their dirty financial activities.


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