Bitcoin Price Chart in Mexican Peso
Bitcoin Market Capitilization
Bitcoin in Mexico
Mexico is another country that prefers regulation to either a free for all or outright banning of Bitcoin. Recently the upper chamber of the Mexican government approved a bill that clarifies Bitcoin is not legal tender in Mexico (no surprises there) and that exchanges that deal in cryptocurrencies would be regulated by the central bank. So it is still quite ok to buy and sell Bitcoin in Mexico but the Know Your Customer (KYC) policies will be strictly enforced and exchanges will be monitored and regulated by the Banco de Mexico.
The bill will also ban Financial Technology Institutions (FTIs) from guaranteeing returns on investments, or the success of an investment. This will also include ‘crowdfunding institutions’, ‘electronic payment institutions,’ and ‘virtual asset management institutions’ being defined as FTIs. FTIs seeking to operate in Mexico must incorporate as a Mexican corporation or limited liability company. FTIs will also be required to demonstrate the transactions that it wishes to perform to the National Banking and Securities Commission (CNBV), that the company has a suitable corporate structure and governance bodies, and that the companies are in possession of all requisite resources and infrastructure. FTIs currently operating in Mexico will be required to receive authorization from the CNBV in order to continue operating.
Statements from officials at the Banco de Mexico illustrate how the central bank will go about regulating cryptocurrencies. Earlier this year, Agustin Carstens, the institution's governor, was quoted by local media as saying that bitcoin should be considered more a commodity than a currency. There are exchanges in Mexico which can be used to transact Bitcoin at the prevailing Bitcoin price. Bitex.la is one Bitcoin exchange and broker which services many South American countries, including Brazil, Mexico, Argentina, Chile, Peru and Uruguay. You can fund your exchange account with cash or AstroPay.
Founded in 2014, Bitso is an exchange that sets out to bring the potential of cryptocurrencies to Mexico and LATAM. Offered in English and Spanish, Bitso is a Bitcoin exchange based in Mexico. You can fund your account with SPEI Transfer or via cash deposit using Oxxo or any 7-Eleven in Mexico. They also offer additional withdrawal methods.
This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.