{"id":8938,"date":"2021-06-30T00:54:07","date_gmt":"2021-06-30T00:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/mexicos-finance-minister-cryptocurrencies-are-prohibited-from-being-used-in-financial-system\/"},"modified":"2021-06-30T00:54:07","modified_gmt":"2021-06-30T00:54:07","slug":"mexicos-finance-minister-cryptocurrencies-are-prohibited-from-being-used-in-financial-system","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/mexicos-finance-minister-cryptocurrencies-are-prohibited-from-being-used-in-financial-system\/","title":{"rendered":"Mexico\u2019s Finance Minister: Cryptocurrencies Are Prohibited From Being Used in Financial System"},"content":{"rendered":"

Mexico\u2019s central bank, finance ministry, and banking regulator have jointly issued a warning about cryptocurrency. Finance Minister Arturo Herrera emphasized that cryptocurrencies are prohibited from being used in Mexico\u2019s financial system.<\/strong><\/p>\n

The central bank of Mexico, the finance secretary, and the National Banking and Securities Commission (CNBV) said in a joint statement Monday that crypto assets are not legal tender in Mexico and are not considered currencies under current laws.
\nThe regulators warned that financial institutions operating with them are subject to sanctions.
\nTheir statement reads: \u201cThe financial authorities reiterate their warnings \u2026 on the risks inherent in the use of so-called \u2018virtual assets\u2019 as a means of exchange, as a store of value or as another form of investment.\u201d It adds:<\/p>\n

The country\u2019s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as bitcoin, ether, XRP<\/a> and others in order to maintain a healthy distance between them and the financial system.<\/p>\n

The statement also warns that cryptocurrencies tend to be volatile and speculative assets, noting that they do not serve the same function as money, \u201csince their acceptance as a means of payment is limited and they are not a good reserve or value reference.\u201d
\nIn addition, the use of stablecoins is not permitted under current Mexican law.<\/p>\n

<\/p>\n

At a news conference Monday, Reuters reported Mexico\u2019s finance minister, Arturo Herrera, as saying:<\/p>\n

Under current rules cryptocurrencies are prohibited from being used in the Mexican financial system, underscoring that the prohibition will likely not change in the near term.<\/p>\n

The authorities\u2019 statements came after Mexican billionaire Ricardo Salinas Pliego said<\/a> Sunday: \u201cI recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept bitcoin.\u201d
\nLuis Gonzali, co-director at Franklin Templeton Investments in Mexico, believes that the regulators\u2019 statement was \u201ca reaction to the comments [of] Salinas Pliego,\u201d noting that \u201cIt\u2019s a way of saying his bank can\u2019t accept bitcoins even though he wants to \u2026 it\u2019s a way of putting a stop to him.\u201d<\/p>\n

What do you think about Mexico\u2019s approach to cryptocurrency regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, mexican crypto, mexican crypto regulation, mexican cryptocurrency regulation, Mexico, mexico central bank, mexico crypto, mexico crypto regulation, mexico finance mininster<\/p>\n","protected":false},"excerpt":{"rendered":"

Mexico\u2019s central bank, finance ministry, and banking regulator have jointly issued a warning about cryptocurrency. Finance Minister Arturo Herrera emphasized that cryptocurrencies are prohibited from being used in Mexico\u2019s financial system. The central bank of Mexico, the finance secretary, and the National Banking and Securities Commission (CNBV) said in a joint statement Monday that crypto…<\/p>\n","protected":false},"author":0,"featured_media":8939,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8938"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8938"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8938\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8939"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}