Mexico.- Banks and financial institutions that use bitcoins or any other cryptocurrency in Mexico will be punished with Infringements and sanctions, they warned the Secretary of Finance, the Bank of Mexico (Banxico) and the National Banking and Securities Commission (CNBV).

After the entrepreneur Ricardo Salinas Pliego He announced that he is working so that Banco Azteca is the first in the country to accept bitcoins, the Treasury and other financial authorities clarified that cryptocurrencies are not legal.

Financial institutions that carry out and offer operations with so-called ‘virtual assets’ without an authorization would be in breaches of regulations and will be subject to applicable sanctions, “they warned in a joint statement.

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In the Ley Fintech there is a section on the use of cryptocurrencies in financial institutions, however, it is clarified that it is only for internal operations and approved by Banxico.

On the other hand, the regulation does not prohibit natural persons from buying or accumulating bitcoins or any other cryptocurrency.

The Secretary of the Treasury, Arturo Herrera, clarified the limitations, explaining that “cryptocurrencies are prohibited for use in the financial system.”

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He pointed out that a currency must meet three characteristics: “unit of measurement, medium of exchange and store of value”, which does not happen with bitcoin.

“And clearly they are not a store of value. Cryptocurrencies are speculative assets due to their variations and are not a medium of exchange because a very high percentage is associated with illegal operations because there is no traceability,” he said during the Follow-up Report before Grupo Acción Financiera Internacional (FATF).

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