Mexico Bans Cryptocurrency Trades Or Services


Mexico’s central bank and the country’s finance ministry says financial institutions are not allowed to utilise cryptocurrencies

Mexican financial regulators have joined other fiscal watchdogs around the world in firmly moving against cryptocurrencies such as Bitcoin.

Mexico’s central bank (Banxico) and Mexico’s Finance Ministry, as well as the country’s banking regulator, said financial institutions aren’t allowed to trade or offer services based on cryptocurrencies such as Bitcoin, Bloomberg reported.

The clear statement comes one day after Mexican billionaire businessman Ricardo Salinas Pliego said his bank (Banco Azteca) was on the way to accepting the virtual token.

Mexican refusal

But this was quickly slapped down by Mexican authorities, which said that carrying out and offering operations with crypto assets without authorisation would be seen as a violation of regulations and a company could be subject to sanctions.


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