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Topic: Bank of Mexico Warns Public Of The Dangers Of Virtual Currencies! (Read 1391 times)

legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
Oh yes, we wouldn't want any corruption in the Mexican banking system.  Lips sealed
member
Activity: 112
Merit: 10
I wonder if Bank of Mexico will change its position when some entrepreneur comes up with a system to convert bitcoin to pesos in Mexico that is as ubiquitous as Western Union receiving terminals.   If the USA's guest worker population can convert USD to bitcoin, then the families in Mexico can convert bitcoin to pesos for cheaper than it takes to do a Western Union transmission,   it will be a win for bitcoin.

member
Activity: 70
Merit: 10
Nothing out of the ordinary.  Governments do the same with plenty of other securities.
full member
Activity: 144
Merit: 100
So the US has lost 98% of its purchasing power in 100 years... and the Peso has lost 99% of its value against the dollar in the last 50 years and the head of the bank with that illustrious track record warns against volatility.  Pathetic.  Cheesy
full member
Activity: 238
Merit: 100
I think bitcoin could potentially save a lot of people from from a lot of trouble
sr. member
Activity: 476
Merit: 250
Quote
Bitcoins, a digital currency created in 2009, are bought and sold on a peer-to-peer network free of central control and government regulations.

Free advertising. 

Can't hurt!

LOL!

My $.02.

Wink
legendary
Activity: 1162
Merit: 1007
Quote
Bitcoins, a digital currency created in 2009, are bought and sold on a peer-to-peer network free of central control and government regulations.

Free advertising. 
sr. member
Activity: 476
Merit: 250
"In other jurisdictions, their use in illicit transactions, including those related to fraud and money laundering, has been identified," the central bank said.

Hasn't the Bank of Mexico been associated with money laundering for the most murderous drug cartels in the world?

Why, it has!

Quote
But had just one of the White House correspondents holed up in the Fiesta Americana, the Hyatt, or the Holiday Inn wandered downtown or even downstairs to a newsstand, the official history of the summit might have been very different. Even a reporter who did not read Spanish might have comprehended the banner headline in the Mérida daily Por Esto!: ROBERTO HERNÁNDEZ RAMÎREZ: NARCOTRAFICANTE. (Part I, Part II, Part III.)

That same Valentine's Day, Por Esto! published the first installment of a three-part series about the banker, his rise to wealth and power, his political clout, and his alleged involvement with drugs and drug money. The series -- including 350 column-inches of text documented by 45 photographs (31 in color), plus three maps tracing the route of Colombian cocaine through the banker's properties -- ran over three consecutive days.

According to the newspaper and its sources, coastal marshlands purchased by Hernández in the late '80s and early '90s were the port of entry for massive volumes of cocaine delivered in small Colombian speedboats. From there, tons of the drug were loaded onto small planes and flown north from Hernández's private airfield. Hernández, the newspaper charged, was hiding behind empty "eco-tourism" resorts to wash drug profits.

Drug Politics by Al Giordano



The Revoltion killed the guy who should have run the country!:

Genaral "Pancho" Villa:



Viva la revolución!

It is past time for the revolución to win out!

My $.02.

Wink
legendary
Activity: 1176
Merit: 1005
"In other jurisdictions, their use in illicit transactions, including those related to fraud and money laundering, has been identified," the central bank said.

Hasn't the Bank of Mexico been associated with money laundering for the most murderous drug cartels in the world?

Why, it has!

Quote
But had just one of the White House correspondents holed up in the Fiesta Americana, the Hyatt, or the Holiday Inn wandered downtown or even downstairs to a newsstand, the official history of the summit might have been very different. Even a reporter who did not read Spanish might have comprehended the banner headline in the Mérida daily Por Esto!: ROBERTO HERNÁNDEZ RAMÎREZ: NARCOTRAFICANTE. (Part I, Part II, Part III.)

That same Valentine's Day, Por Esto! published the first installment of a three-part series about the banker, his rise to wealth and power, his political clout, and his alleged involvement with drugs and drug money. The series -- including 350 column-inches of text documented by 45 photographs (31 in color), plus three maps tracing the route of Colombian cocaine through the banker's properties -- ran over three consecutive days.

According to the newspaper and its sources, coastal marshlands purchased by Hernández in the late '80s and early '90s were the port of entry for massive volumes of cocaine delivered in small Colombian speedboats. From there, tons of the drug were loaded onto small planes and flown north from Hernández's private airfield. Hernández, the newspaper charged, was hiding behind empty "eco-tourism" resorts to wash drug profits.

Drug Politics by Al Giordano

sr. member
Activity: 476
Merit: 250
Seems like every day we have a new "warning".

"When in trouble, when in doubt, run in circles, scream and shout!"

Wink

My $.02.

Wink
legendary
Activity: 910
Merit: 1000
Seems like every day we have a new "warning".
sr. member
Activity: 476
Merit: 250
...but the public should be aware that these digital currencies "are not legal tender because the Bank of Mexico does not issue them or back them," the central bank said in a statement.
^^^
They are making digital currencies sound pretty good.   Cheesy

This from a government in a nation which has been in constant stae of revulition since the early 20th Century?

It is to laugh.

My $.02.

Wink
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
...but the public should be aware that these digital currencies "are not legal tender because the Bank of Mexico does not issue them or back them," the central bank said in a statement.
^^^
They are making digital currencies sound pretty good.   Cheesy
sr. member
Activity: 476
Merit: 250
Can we use a few Bitcoins to warn the people about the dangers of the Bank of Mexico?

Now there is a thought!

My $.02.

Wink
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
Can we use a few Bitcoins to warn the people about the dangers of the Bank of Mexico?
sr. member
Activity: 476
Merit: 250
A bank threatened by Bitcoin?!

*gasp*

You don't say !

Wink
hero member
Activity: 784
Merit: 1000
https://youtu.be/PZm8TTLR2NU
A bank threatened by Bitcoin?!

*gasp*

You don't say !
sr. member
Activity: 476
Merit: 250
http://latino.foxnews.com/latino/lifestyle/2014/03/11/bank-mexico-warns-public-dangers-virtual-currencies/

The public should be aware of the risks inherent in using virtual currencies, like bitcoin or litecoin, as substitutes for conventional payment methods, the Bank of Mexico said.

Virtual currencies do not have "a relevant penetration" rate in the domestic market, but the public should be aware that these digital currencies "are not legal tender because the Bank of Mexico does not issue them or back them," the central bank said in a statement.

Digital currencies are not issued or backed by any foreign monetary authorities, the Bank of Mexico said.

"Their function as a means of payment is not guaranteed and businesses and other people are not obligated to accept them," the central bank said.

Mexican financial institutions "are not authorized to use or to engage in transactions with" digital currencies, the Bank of Mexico said.

"In other jurisdictions, their use in illicit transactions, including those related to fraud and money laundering, has been identified," the central bank said.

The Japanese government said last Friday that it would classify bitcoins as a commodity and not a currency, taking the first step toward creating a regulated market for transactions involving the virtual currency.

Bitcoins, a digital currency created in 2009, are bought and sold on a peer-to-peer network free of central control and government regulations.

Japanese officials took action in the wake of the collapse of Mt. Gox, a bitcoin exchange that at one point handled the majority of global trades in the virtual currency and whose bankruptcy affected about 100,000 customers."

What think you?

My $.02.

Wink
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