Mexico authorities warn of dangers of cryptocurrencies

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Mexico’s finance ministry and central lender warned on Wednesday of the dangers associated with cryptocurrencies and investment techniques recognised as initial coin choices.

FILE Photograph: A coin symbolizing the bitcoin cryptocurrency is found on personal computer circuit boards in this illustration image, October 26, 2017. REUTERS/Dado Ruvic/File Photograph

MEXICO Metropolis: Mexico’s finance ministry and central lender warned on Wednesday of the dangers associated with cryptocurrencies and investment techniques recognised as initial coin choices.

Amid the increasing reputation of cryptocurrencies this sort of as bitcoin, the authorities, jointly with banking and securities regulator CNBV, explained in a statement that the forex is not formally recognized in Mexico as a lawful sort of payment.

Some initial coin choices that originate in Mexico could violate the nation’s legislation of marketplaces and securities, constituting a money crime, the authorities explained.

(Reporting by Julia Love and Anthony Esposito Modifying by Chizu Nomiyama)



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