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Mexico prohibits banks from offering accounts to cryptocurrency companies

Mexico decided to prohibit any type of operation with cryptocurrencies, as highlighted by the country’s Secretary of Finance, Arturo Gutiérrez. The measure was announced on Monday (28) through the secretary’s official Twitter account.

Mexico prohibits banks from offering accounts to cryptocurrency companies

Mexico prohibits banks from offering accounts to cryptocurrency companies

Initially, the statement emphasizes that, unlike El Salvador, cryptocurrencies are not a legal tender in Mexican territory. However, the text goes further when it states that no financial institution is authorized to “perform and offer to the public transactions with virtual assets.”

In other words, the measure implies that the country’s banks will not be able to offer accounts or trading platforms for cryptocurrencies.

In addition to the finance secretary, the Central Bank of Mexico and the National Banking and Securities Commission endorsed the statement. In addition to the ban, the institutions specified that cryptocurrencies are neither legal tender nor coins. Finally, the institutions warned about the risks of using cryptocurrencies.

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Interestingly, Gutiérrez’s statement followed the speech of Ricardo Salinas Pliego, the third richest man in the country. Pliego announced on June 27 that his bank, Azteca, could offer cryptocurrency services.

In 2020, Pliego invested 10% of its entire net worth in BTC and since then has started to defend the cryptocurrency whenever possible. Many considered him the “Mexican Michael Saylor” due to his billionaire and enthusiastic profile in relation to the BTC.

In this sense, Pliego himself commented on the news in a defiant tone: “we’ll see,” he said. Although Gutiérrez didn’t mention the billionaire, the move directly hits Pliego’s intentions.

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