Tuesday, July 27, 2021

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    Bitcoin is not a legal currency and banks cannot offer the public operations with it: Hacienda – El Financiero

    Financial institutions are not authorized to enter into or offer to the public operations with cryptocurrencies such as bitcoin or ether, the Bank of Mexico, the Ministry of Finance and the National Banking and Securities Commission (CNBV) warned on Monday.

    In a joint statement, the institutions noted that this includes deposits or any other form of custody, as well as exchange or transmission.

    They indicated that financial institutions will only be able to conduct internal operations with virtual assets with the prior authorization of Banxico.

    “In addition, they must at all times prevent the risk of such operations from being transmitted, directly or indirectly, to their clients. Those operations that institutions request to conclude with virtual assets through which they intend to provide direct services to their clients for the exchange, transmission or custody of virtual assets will not be eligible for obtaining such authorization.”

    They commented that those who issue or offer such instruments will be responsible for the violations of the regulations that this causes, and will be subject to the sanctions that are applicable.

    Recently, Mexican businessman Ricardo Salinas indicated that Banco Azteca would seek to adopt cryptocurrencies, especially bitcoin, which he has actively promoted on his Twitter account.

    “Of course, I recommend the use of bitcoin, and my bank and I are working to be the first bank in Mexico to accept bitcoin, if you need more details or information, follow me on my Twitter account,” he said on the social network.

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