The Mexican government has declared that cryptocurrencies are not legally allowed to exchange in Mexico. The government has said the ban on cryptocurrencies will not change soon.
The government announced the ban after Ricardo Salinas Pligo, owner of the Mexican bank, Banco Astaca, announced that his firm would conduct cryptocurrency transactions.
On Monday, Mexico's central bank warned financial firms that assets like bitcoin, ether, and XRP cannot be traded or offered as services, and that cryptocurrencies are not regarded legal cash.
The warning came after Mexican billionaire Ricardo Salinas Pliego announced over the weekend that his bank, Banco Azteca, was working to become the country's first to conduct bitcoin transactions.
In order to bridge the gap between virtual assets and the economy, Mexican financial institutions are advised not to use any cryptocurrencies.
