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Mexico Will Not be Offering Bitcoin Services? Here is Why!

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Ricardo Salinas Pliego is the third-richest man in Mexico. He has shown his support for Bitcoin now and again and also announced that he had invested in the flagship cryptocurrency as well. Salinas is also the CEO of Banco Azteca and had planned to offer BTC services in Mexico.

However, according to reports today, one of the country’s regulators shared a tweet yesterday that has shut down Salinas’ dream. According to reports, it seems that the Mexican government wants no part in the cryptocurrency world and does not want banks in the country to embrace digital assets either.

Despite Mexico’s stance towards BTC, many other countries are planning to adopt the flagship crypto asset, following El Salvador’s lead. This can highlight the importance of Bitcoin, therefore, if you have been planning to invest in BTC you can use secure exchanges and purchase it now.

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You can also opt to become a crypto trader, in which case one of the best exchanges for beginners is PrimeXBT Covesting.

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Mexico’s Stance Towards BTC and other Digital Assets

According to the tweet shared by the Secretary of Finance and Public Credit of the Government of Mexico, it seems that the government is not interested to step into the world of crypto.

Arturo Herrera Gutierrez shared an official statement on Twitter that stated that the digital assets are not considered money and the banks in the country will not be allowed to operate with the crypto assets in any way.

The statement shared by Gutierrez is as follows:

Financial Institutions in the country are not authorized to perform or offer to the public operations with virtual assets such as Bitcoin, Ether (sic), XRP and others in order to maintain a healthy distance between these and the financial system.”

The official statement tweeted by Gutierrez was from:

  • Mexico’s Central Bank
  • Ministry of Finance
  • National Banking and Securities Commission

As per the statement, anyone offering any kind of products related to the crypto assets will be subject to legal sanctions, which is according to the Penal Code. Operations with stable coins have also been prohibited even though they do not have the same volatility as digital assets.

Salinas has been a long-time supporter of BTC and has even claimed to have approximately 10% of his liquid investment portfolio in Bitcoin. He also recently tweeted in response to a tweet by MicroStrategy that BTC is far better than gold and it should be on every investment portfolio.

However, the warning issued by the country’s regulators may have seemed to hit the brakes on Salinas’ plans.

What Can Mexican Crypto Enthusiasts Hope for?

Ricardo Salinas Pliego owns the tenth-largest bank in the country, Banco Azteca. He has often made statements that support BTC adoption and even shared a tweet that announced the possible crypto services offered by his bank.

Salinas’ tweet translates as:

Bitcoin is a good way to diversify your investment portfolio and I think any investor should start studying about cryptocurrencies and their future. We are working to bring [crypto] to our clients and continue to promote freedom.”

This statement got the attention of a wide audience in the country and may have also reached the authorities after which the official warning was issued.

Now a burning question many have been pondering over is whether Salinas’ dream is over or not?

In the rather intriguing words of Ricardo Salinas Pliego, “We will see”.

Bitcoin is a significant crypto asset with undeniable utility and importance, therefore, if you also want to invest in it then you can use the lowest fee crypto exchanges.

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Nonetheless, if you are a crypto trader you should also be careful while using a crypto exchange and opt for a safe one such as the Bybit exchange. Click on Bybit and start margin trading with a free bonus today.

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