The head of the Bank of Mexico compared digital currencies to barter trade as opposed to being a currency, claiming they are similar to precious metals.
Digital currency firms must report any transaction that exceeds $87,000 to regulators, whether the firm is registered locally or under another jurisdiction.
The head of the Mexican Financial Intelligence Unit, Santiago Nieto Castillo, stated that the 12 exchanges were operating illegally during a recent event focused on financial intelligence and risk management.
The Bank of Mexico and the Ministry of Finance have both issued statements warning that digital currencies, including BTC, aren’t legal tender.
Mexican businesses that want to offer the trading of cryptocurrencies must be registered with The Bank of Mexico, the country’s central bank.
The results of the first-ever study on cryptocurrencies in Mexico, the third largest country in Latin America, revealed that Bitcoin Cash (BCH) is the second most popular cryptocurrency in the country.
With the legislation, Mexico is one of a handful of countries that has taken an official position regarding cryptocurrency.