Mexican banks can not operate with bitcoin, reiterates Securities Commission

Mexico’s regulatory authorities continue to treat the adoption of bitcoin (BTC) and other cryptocurrencies with suspicion.

In a recent statement

, the president of Mexico’s National Banking and Securities Commission (CNBV), Juan Pablo Graf, ratified that banks in that country cannot operate with cryptoassets.

In Graf’s opinion, with the Fintech Law, cryptocurrencies are well regulated and he believes there will be no changes in the future.

“It was very well established in the Fintech Law: financial intermediaries will be able to operate with cryptocurrencies, under the effect determined by the Bank of Mexico and, as we all know, none of them have been determined, for the time being, in the face of the clientele, the buying and selling of virtual assets is not allowed,” expressed the president of the CNBV.

CNBV CNBV The president of the CNBV of Mexico, said that they rely on the Fintech Law enacted in 2018 to regulate cryptocurrencies.

It is to be recalled thatMexico’s Fintech Law, enacted in 2018, states that Fintech platforms, financial intermediaries, including exchanges of BTC and other cryptocurrencies, must register, comply with certain rules and report some operations to Mexico’s Financial Intelligence Unit (UIF), as reported by CriptoNoticias


Graf also expressed that Mexico is “a pioneer in not getting ahead of itself in approving operations with these assets as already happens in other countries.” Although the executive did not specify the nation he is referring to, El Salvador has been one of the countries that has caused the most commotion by adopting

bitcoin as legal tender.

On repeated occasions, Mexican regulators have warned that in that country there are regulations that prohibit financial institutions from operating with bitcoin

and other cryptocurrencies, as did the Bank of Mexico (Banxico) last June.

The authorities of the Aztec nation, have been in the need to make several clarifications regarding the issue, after Ricardo Salinas Pliego, president of Banco Azteca, said they were working to be a bridge between their customers and cryptocurrencies.


The CNBV’s position on stablecoins

Graf, likewise spoke about stablecoins. These are cryptoassets whose value is linked to an external asset, such as national currencies or precious minerals.

In that regard, he said they should be followed closely. “The stablecoins part is something very similar to what we have in payment fintechs because (it’s about) the money being well backed and with assets with little market risk. That is what happens in the electronic payments segment,” added the president of the CNBV.

Exchanges in Mexico must report their operations

Another notice recently issued in Mexico, addressed to service providers with virtual assets, was related to the obligation they have to submit notices on certain operations.

Weeks ago, the Mexican Government sent a message to service providers with virtual assets about the obligation they have to file notices about certain operations.

The reminder also included bitcoin and other cryptocurrency exchanges, as reported by CriptoNoticias.

Specifically, they have to report those operations that exceed an amount close to USD 87,000, even if “the technological infrastructure with which they are offered is in the jurisdiction of another country or are offered by companies incorporated in another country”.