What is Mexico’s cryptocurrency policy?


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After billionaire Ricardo Salinas Pliego (Mexico’s third richest man) strongly opposed fiat currencies and advocated for cryptocurrencies such as Bitcoin, the Mexican government retained a policy of banning cryptocurrencies .

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Ricardo is the founder and chairman of Grupo Salinas and an investor who takes a hard line on fiat currencies, calling them fraudulent. His decades of investment expertise can be used to support his views on the financial system. This tweet by Ricardo Salinas shows his strong interest in Bitcoin and the necessity of owning a certain amount of cryptocurrency as an investor. In addition to recommending that investors who have just entered the industry receive education about cryptocurrencies. He also assured that his bank Banco Azteca will become the first bank in Mexico to adopt cryptocurrency and provide related services. Since November 2020, 10% of Ricardo’s liquid assets are Bitcoin, and this number is still growing.

The Central Bank of Mexico has not wavered in its ban on cryptocurrencies!

The Central Bank of Mexico has always insisted on the policy of banning cryptocurrencies as financial assets. In response to Ricardo Salinas’ recent statement, the country reiterated the risks of cryptocurrency’s involvement in the Mexican financial system. It also mentioned that stablecoins are not allowed to trade with bank customers or forward the risks posed by cryptocurrencies to bank customers. Although Mexico’s current economic situation may be a possible cause, it is not yet clear what caused this contempt for cryptocurrencies. The central bank had to raise interest rates to 4.25% last week to prevent inflation from rising above 6%. Coincidentally, Banco Azteca also has operations in El Salvador and Panama, both of which are at the forefront of cryptocurrency acceptance.Regardless of

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After countries began to consider the idea of ​​using digital currencies as legal tenders, Arturo Herrera admitted to the recent cryptocurrency conspiracy. The four-page report underscores the government’s current position of not considering any digital currency as an asset class. The three organizations flagged in the tweet also conveyed the risks associated with cryptocurrency trading in the past few years. This undoubtedly hit Ricardo Salinas’ grand plan to make cryptocurrency a viable alternative to Mexican legal tender. Although based on his passion for cryptocurrency and power, it is clear that he will work hard to solve this problem.

Published by

DWAYNE D’CUNHA, intermediate writer.

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