Topic: Bank of Mexico Restricts Banks from Bitcoin Use, Reports Suggest (Read 1512 times)

The truth is that the cartels don't need Bitcoins to stash their money. Actually they will never even consider a volatile currency such as Bitcoin. The cartels own multiple banks and businesses in Mexico and abroad (especially in the Caribbean). They also control a large number of ghost companies. It is not a problem for them, to transfer or stash large amounts of money.

Any criminal can misuse technology. Internet fraud doesn't mean the internet is a problem. Of course your average low information thinker won't realize this.

well on the flip side, it can provide an easier way for the cartels to stash their money away and evade law enforcement.

I grew up on the border in El Paso. We had what could be termed a "statistical outlier " number of cash only businesses in the city. 

I have some old photos of ones around the DFW area in TX.  It is a scary feeling walking in and finding that stuff because we knew there were some heavy guns within a block or two ready to rescue the currency.  So far the cartels have avoided the kind of open conflict with US law enforcement unlike they do with LE in their own countries.  As the noose tightens this reservation is changing from one of not stirring the sleeping bear to one of necessity to retain their profits.  An old FBI Agent teaching us intelligence information said that the level if violence we see in Mexico against its government is the same level of violence the IS will see in 5 years.  He told us this three years ago and it coming true if you keep up with the headlines.

Bitcoin can eliminate unnecessary violence if you ask me.

that was what i was thinking as well.. someone posted pictures of a cartel mansion, and there was crazy stacks of cash lying around. they have so much money that it's impossible to hide.. at least without bitcoin.

In all seriousness, the cartels are picking up on this concept gradually.  There is literally no way for investigators to stop the flow of proceeds from their criminal enterprises via crypto currencies.  There are stash houses throughout the US in upper middle class neighborhoods with rooms stuffed in US currency that the cartels cannot get back south across the border.  With all forms of crypto this problem is solved.  However, the immediate conversion back into local fiat is another issue that would attract attention if it were even possible in one transaction.  I cannot fathom someone sitting on the south side of the border with a U-Haul full of cash just waiting to exchange it for crypto.  There is also the laundering aspect.  I suspect quite a bit is being shifted to Western Europe, split multiple times, and funneled through various legitimate connections (businesses likely connected to South American exports) and returned into Mexico via fiat banking as profits. 

The old days of stuffing a million in cash in the dashboard, doors, and engine compartment are numbered.  Sometimes smaller amounts are sent through as "suicide" loads to distract from the mother load coming right behind.  Yep, law enforcement is light years behind in technology with the exception of a couple. 

right, because that's all mexican use to buy things. don't forget mangos too.

bitcoins cant buy tacos with sweet chilli, so banned because they are deemed useless by mexicans

i laugh how the people posting above me seem to have read the title, and just made assumptions based on the title.

no research, no actual checking of the facts.

coindesk is writing an opinion. this is called propaganda.
the actual notice from the mexican bank is NOT at all BANNING bitcoins.

it is just a standard 'investment risk' notification.

all banks across the world have to by law warn people that any investment is risky where there is no guaranteed contract of profits, and that people can also lose aswell as gain.

this is not a bitcoin BAN.

i hope that people will learn to research better in the future instead of starting off rumours that are untrue and only backed by opinions of second rate media

now a rough translation of the actual notice from the mexican bank

no where does it say it will close accounts just because a business uses bitcoin. they will however close accounts if that business (which also touches peso's) does not follow the Peso's regulations

i guess corruption is so widespread there that they don't even need to use bitcoin. banks are the fucking devil, man 

It is true that some of the Mexican banks deal heavily with the drug cartels. I have heard reports that even some of the smaller banks are directly owned by the drug lords. But still, the American banks have no problem in dealing with them. 

Mexcio is such a criminal bankster organization the people had to arrest the police and start their own police force...  But all cops are good of coarse!!... Fing US bankster owned Media horse shit.

Nothing new. The Bank of Mexico has been hostile to the digital currency, right from the beginning. Their fears are justified too. Mexico had serious problems with inflation in the past. That means that there is an incentive for the people, to use a currency which is guarded against inflation, such as Bitcoin.

same as some other countries. The government just mentioned the negative side of bitcoin and did  not support the activities with bitcoin.

US is testing a few things through its proxy neighbors.  Nothing new.

a disciple of actor_tom_truong - the self-proclaimed son of god in the 21st century - i see.

Man I really hate those illuminati. New Coke was awful. 

The Mexicans strike back against the 13 inbred European Bloodlines of the Terrorist Organization Illuminati.
http://www.ihavebitcoins.com/featured/mexbt-mexican-bitcoin-exchange-soon-open-doors/

“They state that the Bank of Mexico, along with other authorities in Mexico, will closely observe their development and infiltration in the country, and, if deemed necessary, they will look into regulating these virtual assets.”

Translation: We will get back to you once we figure out how to tax you for your bit coin holdings.