News Mexican Crypto Exchange Says Not Affected by New Central...

Mexican Crypto Exchange Says Not Affected by New Central Bank Proposed Rules

-

- Advertisment -Mexican Crypto Exchange Says Not Affected by New Central Bank Proposed Rules

A Mexican exchange that handles about $1 million a day in crypto trading volumes says that a proposed new set of rules by the Mexican Central Bank does not affect their operations. Bitso said:

“This circular is directed to banks and fintech, regarding their operations with cryptocurrencies. In this document, Banco de México mentions that it seeks to take advantage of the use of the technology of these cryptocurrencies as long as they are used for internal operations of financial institutions and not when it is to offer clients exchange, transmission or custody services. However, this does not mean that the operation with cryptocurrencies is prohibited.”

A 17 pages long document has been published by the central bank with it not yet finalized as it is currently going through an 82 days consultation period.

The document says commercial banks need authorization prior to handling crypto transactions. Bank of Mexico says:

“The institution that intends to perform transactions with digital assets must present their request for authorization before the Bank of Mexico.”

There’s no restrictions on the use of blockchain technology by banks, but they need authorization if they want to offer say crypto selling or buying.

“In the event that a financial institution offers services to the general public that involve digital assets, by virtue of the reputation of these institutions, it could generate a perception that the risks associated with the assets are lower than those it actually represent,” the central bank says.

Recently there have been a number of European banks, especially Swiss private banks, that have begun offering crypto services to their clients.

This new proposed disposition appears to be directed towards those sort of situations, rather than it being a more general banking blockade of crypto exchanges as in China or India.

Instead commercial banks need authorization if they themselves want to offer crypto services, but how this new proposed ruling will affect banking access by crypto businesses, remains to be seen.

Copyrights Trustnodes.com

 

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Bitcoin Can Gain 100% In 2020 – Halving Not Priced In, Says Fundstrat

Authored by William Suberg via CoinTelegraph.com, Bitcoin can deliver 100% returns to investors in 2020 and may rise significantly in...

South Korea’s Largest Digital Asset Exchange Bithumb Might Invest $8 Million in Country’s Regulatory Free Zone

Bithumb, South Korea’s largest digital asset exchange, might invest over $8 million into the nation’s regulatory sandbox program and...
- Advertisement -Mexican Crypto Exchange Says Not Affected by New Central Bank Proposed RulesMexican Crypto Exchange Says Not Affected by New Central Bank Proposed Rules

As EU Regulations Tighten, Crypto Options Exchange Deribit Moving from Netherlands to Panama

Deribit, a cryptocurrency options exchange that does not currently require customers to identify themselves, will relocate to Panama from...

As EU Regulations Tighten, Crypto Options Exchange Deribit Moving from Netherlands to Panama

Deribit, a cryptocurrency options exchange that does not currently require customers to identify themselves, will relocate to Panama from...

Must read

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is...

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears...
- Advertisement -Mexican Crypto Exchange Says Not Affected by New Central Bank Proposed RulesMexican Crypto Exchange Says Not Affected by New Central Bank Proposed Rules

You might also likeRELATED
Recommended to you