Mexican authorities reiterate crypto ban, says cryptos can’t be used within the financial system

Mexico’s central bank has reiterated its stance on cryptocurrencies, noting that the country’s ban on digital assets since 2019 is still in effect.

According to a recently published document, Mexico’s apex bank, Banco de México, said that cryptocurrencies cannot be used within its financial system. The stance was also echoed by finance minister Arturo Herrera Gutierrez, who noted that cryptocurrencies are not legal tender and cannot be considered as currencies within the country.

The document is likely in response to recent comments from Mexican billionaire Ricardo Salinas Pliego who said that he was working to see that Bitcoin is accepted in his bank Banco Azteca. Although Herrera did not explicitly mention Salinas in his own post, his statements came a few hours after.

Recall that Pliego, while replying to a tweet from MicroStrategy’s CEO Michael Saylor, said:

Sure, I recommend the use of Bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin.

He went further to bash fiat currencies, tagging them a “fraud” and “stinky.” Pliego used high depreciation levels in Mexico, Argentina, Venezuela, and Zimbabwe as evidence to back his assertions. This may have caught the interest of the central bank. And in addition to restating the existing ban on cryptocurrencies, the central bank sternly warned citizens about investing in digital assets.

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