169
A day has passed since Ricardo Salinas Pliego's most recent flirtation with bitcoin and cryptocurrencies, and the Bank of Mexico and the Secretary of the Treasury have already issued a statement warning about the risks of purchasing and transacting with cryptocurrencies, but they have also issued a very clear warning: banks that generate profits from the handling of cryptocurrencies in Mexico will face severe penalties.
Previously, Salinas Pliego stated on Twitter that Banco Azteca is in the process of adopting cryptocurrency purchases, and that bitcoin accounts for 10% of the company's investment portfolio. The statement from the Treasury and Bank of Mexico underlines that virtual assets are not legal money and reiterates a warning about the hazards of cryptocurrencies that has been issued at least three times previously.
Furthermore, they state that "the country's financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as Bitcoin, Ether, and XRP," and conclude that "those who issue or offer said instruments will be held accountable for the regulatory violations that this causes."
In addition, Banco de Mexico and Hacienda do not support stablecoins, which are virtual assets backed by fiat money. At least two technological companies have recently made plans to create a crypto asset backed by the Mexican peso and whose value is always that of the peso, minimizing the danger of volatility.
"Financial institutions that carry out and provide activities using so-called virtual assets" without authorisation are in violation of rules and will face appropriate fines".
Moneta Digital and PXO have previously indicated interest in establishing stablecoins backed by the Mexican peso. Although the statement suggests otherwise, it was stated at the MMXN launch press conference with Moneta Digital that the stablecoin did not require clearance from the Bank of Mexico. "It is not permitted for any natural or legal person to raise resources through the issue or offer in the national territory of instruments known as'stable currencies'", according to the text.
