Cryptocurrencies Are Not Banned In Mexico: Bitcoin Exchange

In the past couple of weeks, reports emerged that Mexico banned cryptocurrencies including Bitcoin which led investors to worry about their investments and the future of the crypto market in the region. In our latest altcoin news, we discuss why that isn’t the case.

The Bitso exchange believes that despite the new rules issued by the Bank of Mexico to govern cryptocurrencies which could decrease the speed of the growth for the industry, it doesn’t stop the operations of the crypto exchanges in any way. A statement of the exchange says:

 “Banxico published new rules, represent a stagnation for the sector but do not stop our operation. We will continue to focus on our users; defending your right to access technology.’’

In an official statement, however, the crypto exchange explained that the new regulatory draft release by the Bank of Mexico shows that the central bank aims to utilize cryptocurrencies for international operations for financial institutions and not for clients or custody. Bitso also explains that the draft is not in really in step with the current fintech law of Mexico and that further conversations with the financial authorities are needed in order for better growth of the industry to be achieved.

A roughly translated statement of the exchange says:

 “We believe that this circular is not in line with the principles of the Fintech Law, undermining principles of innovation, financial inclusion and competition to provide consumer benefits, which were pillars of this Act.”

Further, in the statement you can read that:

“Among other things, we will continue to build a close dialogue with the authorities to promote the healthy development of the Fintech sector, for the benefit of all Mexicans and with the objective of continuing to position Mexico as a leader in innovation and financial inclusion with the use of new technologies.”

However, another circular issued in 2018, the Bank of Mexico claims that the financial institutions can include crypto exchange but they have to be approved by the central bank. Bitso remains confident that the fintech sector could be in for a healthy development if it cooperates with the authorities.