Head of the Bank of Mexico commented about bitcoin

Agustin Carstens, the highest rank of the National Bank of Mexico stated about bitcoin. Carstens said bitcoin is more commodity than currency and added that there is nothing to ensure its accounting in a financial system. According to him, since bitcoin is not supported by neither the government nor the Bank of Mexico, it does not fall under existing currency definitions. In addition he warned about the issue of cybersecurity and underlined that the security of users must be ensured. Lastly he remarked the authorities will soon propose legislation to regulate financial technologies, such as cryptocurrencies.