Mexican regulators threatened business sanctions for the use of cryptocurrency

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Mexico’s financial regulators issued a joint statement, which indicated that cryptocurrencies are not a legitimate payment facility and for their use in their activities the Organization may encounter legal sanctions.

On Monday, the Minister of Finance of the country, Arturo Errera, announced a document drawn up by the Central Bank, the Ministry of Finance and the National Banking Commission and Securities.

In a statement, the regulators remind that digital currencies are not considered a legitimate payment facility and cannot act as an alternative forms of money during settlements in the territory of Mexico. For violations of these norms, the Company expect appropriate sanctions. They also focused on the risks of all forms of investment in cryptocurrency.

The warning of the authorities was a reaction to the words of the Mexican billionaire Ricardo Salinas Slaiela, who said on Sunday interviews that his bank will become the first financial institution of the country that will start working with Bitcoins.

During the press conference, Arturo Errera also said that all previous prohibitions continue to act and in the near future should not be waiting for changes in this area.

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