Mexican Senate passes law that allows cryptocurrencies
According to the Proceso news agency, today the Mexican Senate passed a law named "Fintech", which is meant to regulate the institutions of financial technology in the country. The law was passed unanimously this Wednesday.
This new legislation will create a committee that will intervene in the decision making related to granting permits and imposing sanctions on the areas of financial technology. The committee will be supervised by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores,CNBV), the Secretariat of Finance and Public Credit (Secretaría de Hacienda y Crédito Público, SHCP) and the Bank of Mexico (Banco de México, Banxico).
The preventions for virtual actives and cryptocurrencies are said to include penalties for operating without the proper authorization by the Bank of Mexico, as well as penalties for promoting misleading or fake information surrounding financial technology companies and services. It also creates a three to nine year prison sentences for people accesing illegally any financial technology equipment or network.
Senators have been quoted saying they see this as way of promoting the use of cryptocurrencies in the country.
oh shit...the claws of bureaucracy are coming out. if mexico government fights with crypto and the tech future...they will only hurt the real people of mexico. (in my opinion) the banks need no protection..yet look how quick these laws to maintain dominance gets passed
That is what I am worried about. The intervention of the Mexican government usually implies a lot of bureaucracy and it tends to prioritize the banks' and other private institutions' interests. The SHCP mentioned as a supervisor is the Mexican tax agency, so it could even imply heavy taxation.
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