REGULATION

Mexico's Bitcoin Bank plans thwarted! Mexican Finance Minister: Ban will not be lifted in the short term

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Mexico

Shortly after Mexico's third richest man, Ricardo Salinas Pliego, announced that his bank would accept Bitcoin, Mexican Finance Minister Arturo Herrera promptly stated publicly that he would ban cryptocurrencies from entering the financial system.

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Just after Mexico's third richest man, Ricardo Salinas Pliego, announced that his bank would accept Bitcoin, Mexican Finance Minister Arturo Herrera publicly stated that cryptocurrency will be banned from the financial system.

During a speech at the Financial Action Task Force, Arturo Herrera mentioned that within the current regulatory framework in the country, cryptocurrencies are not considered legal tender assets, not treated as money, and these bans will not be lifted in the short term.

Ricardo Salinas Pliego announced on Sunday that his bank, Banco Azteca, will become the first bank in Mexico to accept Bitcoin. He also stated that fiat money is a scam.

Although Arturo Herrera's statement did not explicitly target Ricardo Salinas Pliego, the timing of both their statements naturally led to speculation and connections being made.

Arturo Herrera, through his office, will issue a four-page government gazette, including warnings from the Bank of Mexico, the Ministry of Finance, the National Banking and Securities Commission, cautioning against the risks of using cryptocurrencies.

The document also states that Mexican financial institutions are not authorized to handle virtual assets such as Bitcoin, Ethereum, XRP, to "ensure a healthy distance between virtual assets and the financial system." Financial institutions will be penalized for engaging in related virtual asset business without authorization.

This article is authorized to be reprinted from Horizon News Network