Topic: Mexico’s Lower House of Congress Aims Crypto Regulations via Fintech Bill (Read 145 times)
November 01, 2018, 06:32:25 AM
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March 08, 2018, 12:57:24 AM
Points of note:
It looks like the regulation gives central bankers power over crypto and their first act will be to decide which crypto currencies can be traded on exchanges in mexico and which cannot with a one year time limit for compliance.
The chief regulator here says "open banking" is when central banks control everything and have all of the power and influence. But of course, if banks control everything and limit competition to outsiders, that might be described as a system of "closed" banking, might it not? Irony within a "war is peace" vein could represent our future as far as political and economic terminology go.
As far as I know, mexico is a mess. Things are so corrupt there entire villages and small cities are breaking away from the mexican government and seceding. This article might give people the impression that the mexican government is a functional and fair entity which has everything under control as it hands down justice and wisdom to the masses. The reality of circumstances may be a bit different from the tone in the article.
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Mexico wants to regulate cryptocurrencies through a bill that is now set for the final signing by the president to become law. The regulation gives central bank sweeping powers to decide which cryptocurrency trades in the exchanges.
Nevertheless, the new regulation allows the Bank of Mexico to decide which fintech can use cryptocurrencies. It means it will determine which coin should make it to the exchanges. Exchanges have up to one year to comply with the new regulations.
Nevertheless, the new regulation allows the Bank of Mexico to decide which fintech can use cryptocurrencies. It means it will determine which coin should make it to the exchanges. Exchanges have up to one year to comply with the new regulations.
It looks like the regulation gives central bankers power over crypto and their first act will be to decide which crypto currencies can be traded on exchanges in mexico and which cannot with a one year time limit for compliance.
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The President of the association Fintech Mexico, Franciso Mere said,
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“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 bring to other financial intermediaries.”
The chief regulator here says "open banking" is when central banks control everything and have all of the power and influence. But of course, if banks control everything and limit competition to outsiders, that might be described as a system of "closed" banking, might it not? Irony within a "war is peace" vein could represent our future as far as political and economic terminology go.
As far as I know, mexico is a mess. Things are so corrupt there entire villages and small cities are breaking away from the mexican government and seceding. This article might give people the impression that the mexican government is a functional and fair entity which has everything under control as it hands down justice and wisdom to the masses. The reality of circumstances may be a bit different from the tone in the article.
March 07, 2018, 04:35:42 PM
I would imagine that this would be simply to align with the NY CFTC talking about Crypto regulations in the form of classifying it as a commodity. I haven't read into the Fintech bill, but I imagine that this would have something to do with this thread : https://bitcointalksearch.org/topic/new-york-federal-judge-3082697 . There are many organizations and governments moving to define, classify and regulate bitcoin in varying ways while making an attempt at some degree of uniformity. When governments start to make moves in terms of acknowledging commodities and currencies there would be an assumed level of reciprocity in diplomacy and discussion to avoid catastrophic loopholes.
March 07, 2018, 02:05:33 PM
Mexico’s lower house of Congress wants crypto regulations through a fintech bill that is now set for the final signing by the president to become law
Read more here: Crypto Regulations via Fintech Bill
I have also heard the news and I am just waiting for the moment when it will become the law of Mexico. It will be good for the people of the Mexico because the banking system of Mexico is also not as good as it is in the other countries so the economy was going down with a lot of reservations from the people as well as the governments. Another good thing in this is that Mexico will start setting trends in trading about the crypto currency on a large scale where problems will be identified and counter measures will be initiated. Read more here: Crypto Regulations via Fintech Bill
March 07, 2018, 07:29:29 AM
Mexico’s lower house of Congress wants crypto regulations through a fintech bill that is now set for the final signing by the president to become law
Read more here: Crypto Regulations via Fintech Bill
Read more here: Crypto Regulations via Fintech Bill
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