Banco de México to Add New Regulations on the Country’s New Fintech Laws

By Kapil Gauhar

Banco de México, the central bank of Mexico, is reported to have proposed new regulations which are said to kill the entire crypto industry. The bank is aimed at adding these new regulations on the nation’s new Fintech laws.

According to Coin Center –

While the proposed regulations have nothing mentioned about banning crypto industry players, they ultimately would kill the industry they will disallow banks from offering financial services like transmission and custody services to cryptocurrency industry players.

According to the Washington-based non-profit advocacy and research centre –

“The proposal regards the mathematical as well as cryptographic processes that underlie digital assets, such as cryptocurrencies are too complex for average users.”

Crypto Globe reported –

“Added to that is the crypto’s volatile nature, which should be handled by quarantining consumers from direct contact with cryptocurrency.”

According to Coin Center, the reasoning does not make any sense at all, while arguing that an average person also does not comprehend how a car works, but cars are not banned in the country.

Coin Center quoted its official statement –

“An approach of ‘protecting’ consumers by eliminating regulated exchanges is no different than failing to promulgate automobile safety standards for car manufacturers and instead of prohibiting people from buying cars in the first place and allowing only buses on the roads.”

Furthermore, the advocacy centre stated that in case the proposal is approved, then it would just make Mexican crypto enthusiasts go into ‘underground markets,’ which are even more threatening than the regulated ones.

With 60 days, the public only gives comments on the proposal, Coin Center anticipates being able to raise awareness about the matter by taking a leading commenting action to this proposal.