Mexico’s finance ministry & central financial institution get in the way in which of Banco Azteca’s plans

The patron banking firm appeared set to turn into the primary banking establishment to simply accept Bitcoin in Mexico

Mexico’s Banco Azteca seemed to be edging nearer in the direction of cryptocurrencies over the weekend when its proprietor revealed plans to enterprise into Bitcoin. Primarily based on the announcement from the proprietor Ricardo Salinas Pliego, the financial institution was headed in the direction of embracing Bitcoin. Banco Azteca is among the greatest banks within the Latin American area, having operations in different nations like Honduras, Guatemala, Panama and Peru.

Salinas, one of many richest individuals in Mexico, shared on Twitter that he was backing the flagship cryptocurrency describing it as essential portfolio diversifier. The billionaire remarked that adopting Bitcoin would assist improve the funding freedom of the financial institution’s customers. Whereas he didn’t go into specifics, he pledged to share extra data later.

“Bitcoin is an effective technique to diversify your funding portfolio, and I feel that any investor ought to begin learning about cryptocurrencies and their future. At Banco Azteca, we’re working to convey them to our shoppers and proceed selling freedom,” he stated.

The dialog resulting in the announcement began when Salinas engaged with MicroStrategy chief govt Michael Saylor on the social platform. The latter shared a video during which the Mexican businessman labels fiat forex ‘a fraud’ and ‘smelly.’

“In case you are hoping to protect your wealth for a era, [Salinas] suggests you put money into #bitcoin. The technique is easy – select the very best high quality asset you will discover and #hodl,” Saylor wrote.

Along with recommending Bitcoin as a superb asset to incorporate in a portfolio, the Mexican businessman identified that Bitcoin is very similar to gold, besides it has extra advantages. Salinas’ involvement within the crypto sector has considerably elevated over the past 12 months. Final 12 months, he divulged that he had allotted 10% of his liquid portfolio to the crypto asset.

Nonetheless, a press release from Mexico’s Finance Minister Arturo Herrera has seemingly thrown a wrench within the financial institution founder’s works. Talking at a information convention yesterday, Herrera famous that establishments have been outlawed from dealing in cryptocurrencies. He added that the stance could be maintained for the close to time period, which implies Banco Azteca’s plans to enterprise into Bitcoin could need to be reconsidered.

“The nation’s monetary establishments are usually not authorised to hold out and supply to the general public operations with digital belongings, equivalent to Bitcoin, Ether, XRP,” the assertion learn.

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