The head of the Mexican state treasury, Arturo Herrera, stated that cryptocurrencies are not a legal asset or legal tender in the Mexican financial system. Financial institutions that offer any digital currency operations to their clients without permission are subject to sanctions.
According to Mexican Finance Minister Artur Herrera, cryptocurrencies cannot be considered a legal asset, or rather, that any financial transactions with them are outside the legal framework. Herrera also stressed that the Mexican government’s position on cryptocurrencies will not change in the foreseeable future.
Herrer’s statement came just a day after Mexican billionaire Ricardo Salinas announced that he was working to make his Banco Azteca the first bank in Mexico to accept Bitcoin. However, the finance minister claims that the government’s position has nothing to do with Salinas’ plan.
Herrer’s office subsequently issued a communiqué, which was also joined by the Central Bank of Mexico and the Securities and Exchange Commission. The other two institutions also expressed the same attitude towards cryptocurrencies as the Ministry of Finance. In addition, in the document, the institutions stated that the mediation of cryptocurrency operations may be subject to sanctions.