Bitcoin Exchange: Don’t Believe False Reports that Mexico Banned Crypto
Mexico hasn’t banned Bitcoin – at least not yet. | Source: Shutterstock
In recent weeks, reports that Mexico has banned bitcoin and cryptocurrencies, in general, have surfaced, leading many investors to worry about the future of the crypto market in the region.
Bitso: Mexico Stunted Bitcoin Industry’s Growth – But Hasn’t Banned Crypto Altogether
According to Bitso, while the Bank of Mexico (Banxico) published new rules to govern cryptocurrencies and it could certainly stagnate the growth of the industry, it does not stop the operations of crypto exchanges.
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Banxico publicó nuevas reglas, representan un estancamiento para el sector pero no detienen nuestra operación. Seguiremos enfocados en nuestros usuarios; defendiendo tu derecho al acceso a la tecnología.
— Bitso (@Bitso) March 13, 2019
“Banxico published new rules, represent a stagnation for the sector but do not stop our operation. We will continue to focus on our users; defending your right to access technology,” a roughly translated statement of the exchange read.
Current State of the Mexican Bitcoin and Crypto Market
In an official statement, the cryptocurrency exchange said that the circular released by Banxico claims the central bank wants cryptocurrencies to be utilized for international operations of financial institutions, not for clients or custody.
The exchange said that the circular is not in line with the existing fintech law of Mexico and will continue to carry out conversations with the financial authorities to grow the local fintech industry.