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More Crypto Regulation Could Be On The Way In Mexico, Central Bank Chief Suggests

By on April 25, 2022 0
Source: iStock/perspectives

The Governor of the Bank of Mexico (Banxico) clarified its stance on crypto – and hinted that it may seek to broaden the scope of its regulation of the sector.

In a Forbes Mexico report, Governor Victoria Rodríguez Ceja reportedly told the Senate that she and her team were “analyzing” the need to “regulate” “the use of cryptocurrencies” in order to “provide protection to people who use digital assets.

She said:

“The need to regulate [crypto] has been raised by authorities in developed markets. This group of central banks, of which Banxico is a member, is examining this issue to continue to protect participants in the financial system.

The governor added that the “use of cryptocurrencies” was “not supported by the Bank of Mexico”, but added that citizens have the “freedom to transact with these digital assets”. But, noted Rodríguez Ceja, companies in the sector must comply with “certain obligations to prevent money laundering”.

She pointed out in response to a question from a senator that “cryptocurrencies are assets that are not guaranteed by Banxico. They are not legal tender.”

Senator Noé Castañón, of the Movimiento Ciudadano party, called on the bank’s chief to strengthen regulations governing the use of crypto-assets, saying that their adoption could no longer “be stopped”.

Castañon added:

“[Crypto] is a phenomenon. But I think we can work with the Congress of the Union [the Mexican parliament]Banxico, the National Banking and Securities Commission [the banking regulator] so that we can set limits that give security to users of these currencies.

Rodríguez Ceja has previously said the bank will roll out a digital currency no later than 2025.

Meanwhile, last month, another senator floated the idea of ​​granting bitcoin (BTC) legal tender status – similar to El Salvador.

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