The Status of Cryptocurrency Is Being Decided in Mexico

The lower chamber of the Congress of Mexico approved a bill on state regulation of the country’s cryptocurrency sector and now the final decision remains only for the head of state Enrique Pena Nieto.

In fact, in September of last year, the Senate approved the project, but it has been approved by the highest authorities only now, except the president, who is still in the process of making a decision, according to the Routers.

The draft law mainly focuses on providing companies from the field of financial technologies with more complete regulatory certainty about the issues of carrying out crowdfunding, payment methods and rules of interaction with cryptocurrencies, such as Bitcoin.

Any small and medium-sized banks, as well as start-ups, will be able to receive information about customers of larger banks through the new law, provided that users agree.

“Open banking recognizes that the information in the hands of the financial institutions is the property of the user, not the institution’s, and that it can be brought to other financial intermediaries”, said Francisco Mere, president of the association Fintech Mexico.

It should be noted that the focus of the bill is further expressed in order to minimize the risks of a non-centralized system and to conduct any operations with cryptocurrencies under the supervision of the Central Bank.

The current version of the draft law is not completely in its entirety, it is still rather an outline. A more precise specification will be determined in the coming months by the regulator for banking and securities of CNBV, the central bank and the Ministry of Finance.

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