Arturo Herrera, Mexico's finance minister, has said cryptocurrencies are not legal tender in the country, therefore, their use is prohibited. He added this ban is not expected to be lifted in the near future.
Even though the statements of the country's finance minister are not directly related to Salinas' announcement, it looks like they are in fact a response to them, since they come just a few hours after the businessman announced his bank may soon accept the cryptocurrency.
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Herrera has reported the Ministry of Finance is to publish a 4-page document detailing the government's stance towards cryptos.
Mexico's central bank, the Ministry of Finance and the country's National Banking and Securities Commission have shared a joint communiqué informing cryptocurrencies are not legal tender assets or currencies under the current legal framework. In addition, they have warned about the risks associated with the use of this type of assets.
Per the document, financial institutions conducting or offering transactions with virtual assets without an authorization will be in violation of regulations and could face sanctions.