Banco Azteca Was Prohibited From Offering BTC Services

Banco Azteca was stopped from offering BTC Services after the Mexican government announced that they don’t have an interest in becoming the next BTC nation as we can see more in our latest bitcoin news today.

The CEO of Banco Azteca tweeted that his dream of offering BTC services in Mexico was killed by the country’s regulator because the government has no interest in becoming the next BTC nation nor does it want its banks to walk down the road. The Secretary of Finance and Public Credit of the Governemnt of Mexico, Arturo Herrera Gutierrez, shared an official statement from the central bank of the country and the Ministry of Finance saying that the virtual assets are not considered money as per their current law and that banks are not allowed to operate with crypto in any way:

“Financial Institutions in the country are not authorized to perform or offer to the public operations with virtual assets such as Bitcoin, Ether (sic), XRP and others in order to maintain a healthy distance between these and the financial system.”

The statement warned that those who try to offer products related to crypto will be subject to legal sanction according to the Penal Code of Mexico. Regulators added that the operations with stablecoins are prohibited even though crypto-assets do not have the volatility that is typical of a traditional cryptocurrency. The announcement added put a break on the intentions of crypto endeavors but it seems to respond to the reports that Banco Azteca was working on a new service related to crypto. Ricardo Salinas, the CEO of Banco Azteca is the third richest man in Mexico and a long-time BTC investor. He made a few statements about crypto adoption and its uses cases as a store of value and claimed to have about 10% of his portfolio in BTC.

Microstrategy’s CEO Michael Saylor on the other hand assured that Bitcoin was better than gold and revealed that Banco Azteca was working on offering more solutions that will allow clients to trade crypto:

“#Bitcoin es una buena forma de diversificar tu portafolio de inversión y creo que cualquier inversionista debería ponerse a estudiar sobre las cryptomonedas y su futuro.

En @BancoAzteca estamos trabajando para traerlas a nuestros clientes y seguir promoviendo la libertad  pic.twitter.com/bZ51FB2vKw

— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021”

Source: https://www.dcforecasts.com/bitcoin-news/banco-azteca-was-prohibited-from-offering-btc-services/