The Bank of Mexico (Banxico) warned on Monday that cryptocurrencies are not legal tender in the country and that those who promote operations with them will be sanctioned.
In a release, Banxico, the Ministry of Finance and Public Credit and the National Banking and Securities Commission (CNBV) thus respond to the billionaire businessman Ricardo Salinas Pliego, owner of one of the largest conglomerates in Mexico.
Salinas Pliego said last weekend that his bank could start using bitcoin soon, becoming the first in the country to accept the cryptocurrency.
“I recommend the use of bitcoin, I and Banco Azteca are working to be the first bank in Mexico to accept bitcoin“the entrepreneur tweeted in response to a post by MicroStrategy CEO Michael Saylor.
#Bitcoin It is a good way to diversify your investment portfolio and I think that any investor should start studying about cryptocurrencies and their future. @BancoAzteca we are working to bring them to our clients and continue promoting freedom 😌😎 pic.twitter.com/bZ51FB2vKw
– Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
What does the Bank of Mexico say?
In its letter, Banxico recalled that “virtual assets” are not “legal tender” nor are they “currencies under the current legal framework”, stating that the country’s financial institutions are not authorized to carry out and offer operations with bitcoin, ether or XRP. The purpose, according to the agency, is “to maintain a healthy distance between them and the financial system.”
“Those who issue or offer said instruments will be responsible for infractions to the regulations that this causes and will be subject to the applicable sanctions“, warns the main banking institution of the country.
For this reason, the document continues, as long as there is no authorization, “no individual or legal entity” is allowed to raise resources “through the issuance or offer” of ‘stable currencies’ (cryptocurrencies designed to minimize the volatility of their prices), so there will also be penalties for “those who issue or offer such instruments.”
Despite these observations, the Mexican magnate wrote another Tweet in which he stated that “the secret of investing in bitcoin is to buy now and not sell.”
The secret of investing in #Bitcoin is to buy now and not sell. Only sell for a specific purpose or out of necessity… and if you invest well, the second will not happen. 😎 Diversifying your investments is necessary and smart e
– Ricardo Salinas Pliego (@RicardoBSalinas) June 28, 2021
Salinas Pliego, who is the third richest man in Mexico with a family fortune estimated at more than 15,000 million dollars, announced last year that he already had about 10% of his liquid portfolio invested in bitcoins, according to pick up Forbes.
