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Tuesday, September 21, 2021

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There will be no changes in the regulation of cryptocurrencies and bitcoin: CNBV

“It was very well established in the Fintech Law: financial intermediaries may operate with cryptocurrencies, under the effect determined by the Bank of Mexico and, as we all know, none of them has been determined, for the time being, for the customers are not allowed to buy and sell virtual assets, “said Graf.

The head of the CNBV said that operations with cryptocurrencies are an area that must be seen how it develops and highlighted that Mexico is a “pioneer” in not anticipating operations with these assets as is already the case in other countries.

“There has to be a clear separation as that market stabilizes and take advantage of the best of technology, try to take it to other areas, be very careful with buying and selling and continue regulating it,” said Graf.

The official indicated that the United States Securities and Exchange Commission (SEC, for its acronym in English) warned its concern about the operations that occur within the ecosystem of cryptocurrencies and said that although in the future there will be a boom in these operations , wait for it to land and see what is most useful.

The SEC has not been the only one to raise its eyebrow at crypto assets, the Bank of Mexico has also expressed its suspicion about the possibility of fraud, such as the one that occurred in the United States with Tether, used for more than half of the operations with bitcoins .

On that occasion, the tokens disappeared and investors lost their money. The New York Prosecutor’s Office has vetoed operations with this currency.

Juan Pablo Graf also highlighted that within the cryptocurrency ecosystem there have been developments such as stablecoins, digital or virtual assets that are linked or represented to a real value, generally to a currency, which must be closely followed.

In Mexico, the Moneta company offers a stablecoin called MMXN which is tied to the Mexican peso. At the moment, clients can acquire other cryptocurrencies from 1,000 pesos and in the future it plans to enter the remittance and payment businesses in commercial establishments.

“The part of the stablecoins It is something very similar to what we have in payment fintech companies because (it is about) that the money is well backed and with assets with little market risk, that is what happens in the electronic payments segment, “said Graf. .

“For now, it is established in the law that regulated financial intermediaries in the country cannot carry out operations with clients,” he reiterated.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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