Cryptocurrencies cannot be used within the financial system of Mexico, said the Minister of Finance and Public Credit Arturo Herrera.
Herrera spoke to the Financial Action Task Force on Money Laundering (FATF), stressing that Mexico still does not recognize bitcoin and other cryptocurrencies as official means of payment and does not consider them as currencies.
Last week, Mexican billionaire Ricardo Salinas Pliego spoke out in support of bitcoin, at the same time calling traditional currencies "stinky" and fraud. Salinas also said that his bank Banco Azteca will be the first in Mexico to start accepting bitcoin.
"Of course, I recommend using bitcoin. My bank and I are working to become the first bank in Mexico that will start accepting bitcoin, " he wrote in a comment to MicroStrategy CEO Michael Saylor, who, in turn, discussed the billionaire's words.
Herrera did not specifically refer to Salinas, but his comment was made a few hours after the announcement of the plans of Banco Azteca. The minister also promised to publish a four-page message from the authorities, which will clarify their attitude to cryptocurrencies. Subsequently, the Central Bank of Mexico, the Secretary of Finance and the National Commission on Banking and Securities did issue a joint statement confirming the continuation of the restrictions.
They mentioned similar notices on the risks of cryptocurrencies as a payment instrument, a means of accumulation and other investments, issued in 2014, 2017 and 2019. The document also states that financial institutions in Mexico do not have permission to conduct operations and offer virtual assets. This, according to the authors, is necessary "to maintain a healthy distance between them and the financial system." At the same time, the authorities noted that financial institutions that disobey these requirements will violate existing laws and be subject to sanctions.