TL;DR Breakdown
- Crypto regulation has become a huge hindrance to the growth of crypto.
- Ricardo Salinas Pliego made his mission to introduce crypto to the banking world.
- His idea was immediately shut off as the regulators weren’t having it.
With the rapid growth of crypto worldwide, plenty of entrepreneurs are stepping up with their own projects. With this rate, we have already seen the NFT industry booming, and the entire world is accepting the concept of physical NFT galleries. Out of the many supporters of crypto, the third richest man in the country of Mexico came out in support of cryptocurrencies.
Ricardo Salinas Pliego is a billionaire businessman who seeks to introduce crypto in the banking industry of Mexico. The businessman cleared his intention that he aims at integrating Bitcoin and the banking industry of the country. With this, an immediate response was made public by the Finance Ministry in the country of Mexico in favor of crypto regulation. The joint statement issued by the ministers in the finance department ruined the intentions of Ricardo Salinas Pliego.
The Finance Minister cleared his stance on crypto regulation
The Finance Minister of Mexico and the Securities Commission, and the Central Bank of Mexico came together to prepare a regulation statement after Ricardo Salinas Pliego publicized his intentions. The joint statement lasted for a length of about four pages wherein they claimed that Bitcoin is still not a ‘legal tender in the country and therefore, the financial institutions won’t support crypto. This statement was a form of crypto regulation.
The four-page statement also said that currently, the country’s legal architecture doesn’t support these assets. Therefore, banks won’t support any kind of digital assets or payments related to them. Similar notices were issued back in 2014, 2017, along with 2019 also.
The notice specified that Bitcoin, Ripple, or Ether was not supported by banks. Investors should keep in mind that financial firms do not have the authority to deal with any kind of cryptocurrency or related activities.
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