Mexico Business & Finance News

Puerto Vallarta • Riviera Nayarit 

  News &
Politics
Issues &
Opinions
Business &
Finance
Health &
Evironment
Lifestyle &
Entertainment
Travel &
Outdoors
Science &
Technology

Banxico Governor Rejects ‘Virtual Currency’ as Legal Classification for Bitcoin

Rachel Rose O’Leary - CoinDesk
go to original
September 3, 2017
Share



Central bank governor Agustin Carstens (Proyecto Puente)

The highest-ranking official at Banco de Mexico has stated he believes the central bank is unlikely to classify bitcoin as a currency.

According to local news source El Economista, the bank's governor, Agustín Carstens, said that, since bitcoin is not backed by a government or central bank, the cryptocurrency doesn't meet existing definitions of a currency.

Rather, bitcoin should instead be considered more as a commodity, he went on, since "there is nothing to ensure its accounting in a financial system."

Due to its potential for anonymity and use in cybercrime, Carstens also urged that bitcoin should be dealt with as an "issue of cybersecurity," arguing that, although financial innovation should be encouraged, it should be done so in regards to the safety of users.

Making his comments during a lecture at Mexican technical university ITAM, the governor emphasized the role of the authorities in fintech, saying that "technological development in the financial system cannot be the result of innovation alone", but must occur in tandem with regulation by the financial authorities.

The country's authorities will soon propose legislation to regulate financial technologies, such as cryptocurrencies, he added.

Read the rest at CoinDesk


We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!

CHARITY ALERT Vallarta Botanical Garden Needs Your Help

TripAdvisor singled out the Botanical Garden for removal and placed us on our own page in Cabo Corrientes.

Please write and ask TripAdvisor why all other Cabo Corrientes attractions are still on the Puerto Vallarta page while only the Garden was removed.

Click here to see all the details

Meet the Charities

Community Services

Environmental

Animals & Wildlife

Health Care

Youth & Family

Education

Culture & Recreation

Special Interests

How You Can Help

Use Your Powers for Good

Add Your Favorite Charity

Save a Life - Give Blood

 

Partners for Change

Meet the Partners

Become a Partner for Change

Stay Connected

Find PVAngels on Facebook Follow PVAngels on Twitter Sign up PVAngels Newsletter RSS Feeds on PVAngels


Resources

About PVAngels

Add Your Charity

Add Your News & Events

Locate Yourself on Our Maps

Jobs - Join PVAngels Team

About Puerto Vallarta

Puerto Vallarta Local News

Local Event Calendar

Puerto Vallarta Videos

Puerto Vallarta Photos

Historic Puerto Vallarta

Local Area Maps

Important Phone Numbers

Craig's List in Puerto Vallarta

News Around Mexico

Mexico Issues & Opinions

Mexico Business News

Mexico Evironmental News

Lifestyle & Entertainment

Mexico Travel & Outdoors

Science & Technology News

Mexico News & Travel Videos


FAIR USE NOTICE: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance a more in-depth understanding of critical issues facing the world. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 USC Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information click here. If you wish to use copyrighted material from this site for purposes that go beyond 'fair use', you must obtain permission from the copyright owner.

m3 • local actions from global awareness