The Cryptocurrency Ban In Mexico Won’t Be Cancelled In the Near Future – Mexican Finance Minister

Mexican Finance Minister Arturo Herrera during his presentation to the Financial Action Task Force, a global anti-money laundering group, stated that cryptocurrencies are not legal tender and are not treated as currencies within the country’s financial system.

He is adamant that these bans in Mexico will not be lifted anytime soon.

The announcement came after Ricardo Salinas Pliego, owner of Banco Azteca in Mexico, announced that Banco Azteca could become the country’s first lending institution to accept Bitcoins.

In a joint statement, the Central Bank of Mexico, the Minister of Finance and the National Banking and Securities Commission indicated that cryptocurrencies are not legal tender assets. Also, in their opinion, digital currencies cannot be considered currencies in accordance with the current legal framework in Mexico, and their use is very risky.

In addition, the document states that financial institutions in Mexico are not authorized to deal with virtual assets such as Bitcoin, Ether, XRP, or others. Financial institutions will be penalized for conducting or offering transactions with virtual assets without authorization.

Earlier, Mexican federal government senator Eduardo Murat Hinojosa said he would submit a proposal to lawmakers, related to the development of the crypto industry in the country.

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