Mexican Authorities Say Cryptos Are Not Legal Tender

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The financial authorities of Mexico have just said that cryptocurrencies are not legal tender in the country and have asked financial institutions to not work with them, as if they do, they will face sanctions, Reuters has reported.

The statement issued by the country’s central bank, the finance ministry and the banking regulator, is apparently a response to the announcement made by local billionaire Ricardo Salinas Pliego, who has recently said on Twitter his bank (Banco Azteca) will soon accept Bitcoin:

“Sure, I recommend the use of Bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin.”

We should remember that in 2018, the authorities of the country passed a law according to which cryptocurrencies cannot be considered as legal tender, so the announcement made by Pliego are actually against this law.

Mexican finance minister Arturo Herrera has said that under this law cryptos are not considered legal tender, and this is something that will probably not change in the near future.