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The central bank of Mexico publishes new rules based on crypto assets

Mexicos central bank has issued some instructions on cryptocurrency assets that put cryptocurrency exchanges in a catch-22 type of condition, the CEO of a local exchange explained to news.Bitcoin.com. They “essentially stipulated that they wouldn’t authorize any cryptocurrency to be offered by controlled monetary corporations.

CEO of Mexican cryptocurrency exchange Volabit Tomas Alvarez, explained to a news website recently that in 2018 there was a commandment to control fintech corporations was approved by the Mexican Assembly. This law specifies that facilities that grips safekeeping of customers crypto and fiat money (most brokers and exchange commercial models need this) have to execute for a license given by the Mexican corresponding of the SEC (CNBV).” The Bank of Mexico (Spanish: Banco de México), abbreviated BdeM or Banxico, is Mexico’s central bank, monetary authority, and lender of last resort. The Bank of Mexico is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency

He further stated that the same fintech regulation tasked the (Banco de México) central bank of Mexico with the accountability of decisive which crypto assets were very much official to be provided to the public by these controlled corporations, and gave the Bank of México time of one year to come up with a subordinate law to found some kind of outline or list of official cryptocurrencies.” It will be the first time the world’s greatest online retailer providing such scanning technology in Mexico and could finally open a new client base in a nation where more than half of the population has no bank account. Earlier this week, Mexico’s wage commission said it planned to hike the minimum wage by 16 percent to around $5 a day. The CEO added:

The deadline was due to expire this month so last Friday Bank of Mexico published their secondary laws which essentially stipulated that they wouldn’t authorize any cryptocurrency to be offered by regulated financial companies.“The Mexican peso exchange rate continued to reflect the uncertainty regarding the policies of the new administration,” the central bank said in a statement.

“Additionally, sovereign risk premia and interest rates for the medium and long terms in Mexico showed sizeable increases, which have partially reverted but still remain at high levels.”

The necessities in the spherical are a theme to public discussion until June 2018. Though Alvarez stated that Legitimately the commandment is in result since the instant it was available last week though it only smears to delimited fintech corporations of which none happen hitherto since the procedure for being a suitable a controlled fintech corporation has not been strong-minded yet by CNBV (Mexico’s SEC).”

He clarified, Fintech companies in Mexico are operating with a special waiver until the process for registration is ready thus allowing companies to register for the license. This will happen in around 6 months,” asserting:

It is important to note that the comments submitted during the consultation are non-binding and the general sentiment is that Bank of Mexico will ignore them.

Aarav Ghosh: Aarav Ghosh is a sub editor and contributor to NameCoinNews who specializes in covering latest stories and headlines of cryptocurrencies and blockchain. Additionally, he also covers latest news related to FinTech industry. He is a firm believer of next big transformation of world economy in terms of digitalization.