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Ricardo Salinas Pliego, the third richest man in Mexico, said that he hopes his bank will become the first bank in Mexico to accept Bitcoin. We heard that many banks have begun to use cryptocurrencies, especially BTC. The main difference from this case is that Ricardo Salinas Pliego actually believes that BTC is a real gold equivalent, while fiat currency is actually a fraud. He said that the most significant feature of BTC is that it has a total supply, which cannot be said for any legal currency.
What do you think? Is there a real difference? Will it be a successful project?

Yes it’s very good news for Bitcoin these little victories build into big victories HODL.

They are probably just considering BTC as one of the currencies to be used. It's just that they just "now" realized its actual value, knowing that many countries are just printing money out of thin air and not thinking about the economic impacts that it could cause. With BTC, it's the objective standard that nobody can control anymore to affect everyone. It's just the influencers that could manipulate the price are the ones to look out for, but it's okay if you believe in the coin.

I'm rooting for it to be implemented with their system to be even more good news with BTC, and that could be the catalyst towards the price rise.

The news is good, as is all news of this style. Although in my case I would not deposit Bitcoin in a bank, you know, not your keys...

I wonder if banks accepting Bitcoin deposits are going to give any advantage, interest or anything. Banks that allow you to leave gold in a safe deposit box charge you for it but in return they give you more security than if you keep it at home. As for depositing Bitcoin, I don't see any advantage.

Just the question I'd wanted to ask. When he said, “Accepting Bitcoin” I wouldn't suppose he meant depositing Bitcoin because that's a no no. I want to believe he ment that the bank will start accepting Bitcoin transactions through the bank's like we know some government around the world did ban all Banking transactions the has to do with cryptocurrencies so this might be that such kind of transactions are now going to be accepted by the Bank plus maybe the bank wants to get into Bitcoin investment as one of their assets too.

If he has that kind of perspective, then he can try to pursue it even though he starting this kind of this alone without any other bank in Mexico will follow him. of course, it will gonna be a tough thing to do especially for those people who don't really know much more about cryptocurrency. When he wants to do this, he also needs to save some budget to educate the people about it since no one will care unless they know the value of it.

I hope that they will give the people the freedom to have the keys for their own wallets when they try to invest or buy bitcoin in their bank kind of like a safekeeper because I think that's what's missing from other banks who do this I am happy for the announcement but if this is a not your keys, not your coins thing, I don't think I will be that amused.

After the statement that they are eyeing Bitcoin/crypto, Mexico's central bank was quick to counter, telling "The country's financial institutions are not authorized to carry out and offer to the public operations with virtual assets such as Bitcoin" and that those who do will face "applicable sanctions."

All this is a war of words and it's not yet easy to predict what's going to happen next. For now, the central bank seems to have got a small victory, at least by slowing down the adoption there.

https://i.imgur.com/QbTC4kj.png


Full story: https://www.btctimes.com/news/Mexico-central-bank-blocks-ricardo-salinas-bitcoin-plans

That's a great news for bitcoin as we all know that most of the countries are against of bitcoin because it's threat to their system but there are some people who are in support of bitcoin which is very good for the future of bitcoin.

I saw this news also on Twitter and it's really shocking...

as a businessman engaged in banking, he will really change the way of thinking about Bitcoin in Mexico. people will feel safe with Bitcoin and will surely create mass adoption there.

I sounds great on paper but you gotta have context about the people involved in this case
RSP is looking for ways to give the middle finger to AMLO, Mexico's current president, and find ways to offshore his taxes plus money laundering. Last year he got under huge pressure to pay an outstanding debt to the Mexican Treasury, and hes the kind of guy who's really to hold a grudge.

Wow that's good and I believe it is another score for the crypto industry if it's true, and it will be better if you include the link to the official statement of Ricardo Salinas Pliego because base on your OP it is not clear" he hopes his bank will become the first bank in Mexico to accept Bitcoin" if he owns the Bank why he is only hoping if he can do it easily? what does he mean? Is Ricardo Salinas Pliego is just pointing out the Mexican regulatory requirements as an obstacle? or he was not sure about what he said. just asking?

I hope that will be succesfull. I can't 100% trust bank since it is controlled by government and in my opinion government is a part of players in a big world game. Anyway this is really a good news, I think everything that ease people to use cryptocurrency will boost the adoption of cryptocurrency among people around the world which means it will increase bitcoin demand so the price will rise.

acceptance of bitcoin by several countries with storage in the form of banks, they will pay according to the money we save in several examples of banks, how about an interest system and how do they pay interest to a customer who keeps his assets in the bank. this will be in accordance with their respective procedures and provisions.if it really happened in accordance with applicable regulations.maybe this is the right step for us to save or deposit it to the bank

If such really happen in Mexico that means those countries who are criticising cryptocurrency is at wrong track, even from my perspective a country that endorse or accept cryptocurrency really wants to build up their economy standard from another form, because cryptocurrency will enhance to their development and also attract investors that collaborate with cryptocurrency, from my own understanding accepting bitcoin in particular will make their transactions so easy and lesser.

I believe it will be a successful project. Bitcoin will be an alternate option for fita in the bank and people can transact bitcoins with the bank.
If one would ask, I'd say this move to accept Bitcoin by the bank would in tremendous way increase the adoption of bitcoin in the mainstream world.
Quite a lot of people would become interested in owning bitcoin just like they did with bank shares. Trust me, this will ultimately help increase the price of bitcoin also.

It all depends on politicians changing the actual law if it counters cryptocurrencies adoption. I would say that once a businessman is interested in something, all closed doors should be opened ;)

That's correct. Just it takes time and money. That's why I said "slowing down" and not "stopping"  ;)

I honestly think that this is a stupid idea, so the main reason why bitcoin was created and the purpose that it was made for was to eliminate the need for any intermediate between beneficiary of the transactions, and banks are the main thing that bitcoin removes, so going back full circle and using banks to deposit bitcoin seems kind useless and contradictory, besides don't you want your id being hidden from governments when you use bitcoin why would you give that info to the bank.

Although it's quite surprising banks decide to accept Bitcoin, but I have to say they realize the value of Bitcoin. But nothing there to overexcited, because the bank is a centralized organization. If all banks start accepting Bitcoin then Bitcoin will look like a centralized cryptocurrency Although functionally decentralized forever. But still, I will take it positively. I never agree to compare Bitcoin with gold, both are different things like as you said Bitcoin has a limited supply. I do not agree as well to call fiat fraud. If I am not wrong we still need it for at least a few more years. There is nothing success or failure, either bank accepts or not, Bitcoin is Bitcoin.

The proposal was rejected, right? This is what I could find from CNBC:

https://www.cnbc.com/2021/06/28/mexican-billionaire-salinas-says-he-wants-to-give-his-bank-clients-access-to-bitcoin.html

Bank of Mexico shoots down billionaire Ricardo Salinas’ plans to bring bitcoin to Banco Azteca


The central bank has issued a statement, clarifying that it is prohibited to use Bitcoin (or any of the altcoins) in the banking system. Ricardo Salinas Pliego may want his bank to accept BTC. But that is not possible unless they get the approval from the Banco de México. It was much better to post this thread, after getting the confirmation.

What you have written here doesn’t tally with what you have as your headline. Your headline made me think that there is a bank in Mexico that started accepting bitcoin, while your post says something totally different. Anyways, let’s keep waiting and see which banks are going to start that.

Although if I’m to say, I would say that banks don’t really have anything to do in cryptocurrency, because we have exchanges already. If banks should be accepting cryptocurrency, it is still going to be the same things that you’re doing with exchanges that you’re still going to be doing with the banks. So for me, it is really not necessary. What matters most is that cryptocurrency is declared a legal assets.

It's inevitable for cryptocurrency to avoid banks or any source of Centralization if we really want to attain mass adaption. Banks is working for a long time and used by most of the people for there finances. So cryptocurrency need it too to serve all the people that still not involve in crypto.

Though we can't truly trust banks however the bottomline is the acceptance or adoption of bitcoin by the bank however this will have an impact and growth of the coin, gradually institutional adoption is gaining momentum and I believed other financial institutions in other countries will followsuit, infact other influencial individuals will also share the same views as Ricardo Salinas Plieg about fiat and Bitcoin, few weeks ago it was Elsalvadorian government sending $30 BTC to their citizens, all these will ensure more populaity of Bitcoin hopefully in the next couple of days another news of adoption will be reveal

They will have to go about it the way El Salvador did. Get the buy in from the government, so pass the laws properly through parliament, lower then upper house, then the bank has no choice but to accept. Pretty sure the people are angry about a lot of other things though to even they might shoot down anything the existing govt proposes until actual democratic change is brought about.

this is a very good step and can be said to be quite happy news for investors.hopefully this will also be accepted by some banks in other countries there are several banks that legalize bitcoin, this will help bitcoin more or less, in the midst of a very weak position and a sharp decline in prices.Hopefully what the bank is doing is also done by other banks in the world

It is not that simple. Bankers in general are quite greedy. But this is more like an issue which can affect their very survival. With the announcement from El Salvador (making BTC as legal tender), Bitcoin is now being regarded as a competitor to fiat currency). That makes it a competitor to the banking system as well. I am expecting more hostile action from fiat based economies such as the United States, and from the bankers. The honeymoon period for cryptocurrency seems to be over. It should be ready to face tough challenges now.

When bitcoin is considered a competitor to Fiat currency, then bitcoin adoption is successful. in el salvador bitcoin is used as a legal tender, even the government provides a $30 airdrop for those who create an account in the official El salvador government wallet called Chivo. and now when one of the banks in Mexico wants to adopt Bitcoin, of course this is good news and Bitcoin is increasingly being adopted.

And if they had heard it before, they probably wouldn't change anything. Bitcoin would not be an payment option for them. The people there are certainly not wealthy and would certainly not accept $2-3 in transaction fees just to be able to pay with Bitcoin. People should stop seeing Bitcoin in its current state as a money substitute. It may be feasible for large-volume payment transactions such as trade between countries, but not for the little guy in the store around the corner.

If the government has banned the cryptocurrency but one of the banks is allowing the usage is too much confusing. It is like is it even possible and risk-free for the user?
In this scenario, I think the bank either has special permission from the government or else we should take time before we celebrate positive news.

That's hilarious! A businessman has the guts to respond to their finance ministry in such a way, may have some serious connections at the political level and also the power to purchase beaurocrats to turn the tide in his favor.

But it's quite clear that Salinas has just conveyed his willingness to adopt crypto without any regulatory backing. At least for the time being! We will see what future holds for the crypto community of Mexico.

Still too early to claim that. The billionaire Ricardo Salinas Pliego wants his bank to deal with BTC. But the Mexican central bank says that it is illegal. I don't know whether going against their directive will result in any good. Given the fact that El Salvador is very near to Mexico, why can't Salinas open a few branches of his bank (Banco Azteca) in El Salvador? He will not face any legal challenges, and he can use this as a test cause for any future rollout in Mexico. El Salvador is actually encouraging crypto entrepreneurs to move to that country.

It could also be that Ricardo Salinas already has more information. After all, he is very influential and well connected, and the Ministry of Finance must still deny everything at this point. This would not be the first time in history that there is officially a different opinion than is being negotiated in the background. We should just wait for the next time and see how it develops.

with what Mexican banks are currently doing by adopting bitcoin,this can be said to be a pretty good step and can be said to be a very appropriate step, with several banks in countries willing to adopt bitcoin as the official currency and legal transactions.cryto money,and also we hope that other countries in the world will follow.as we know today, when there are some countries that prohibit bitcoin in their countries, such as China.Hopefully this can be the beginning of price stability to bitcoin value

Day after Ricardo Salinas Pliego announced that his bank will become the first bank in Mexico to accept Bitcoin, government o Mexico released a news that this will not happen and that Bitcoin is not allowed in Mexico but only their national currency Pezos.
Many governments are afraid of Bitcoin and they can ban it in Mexico but this will not stop people from using it, and people in Mexico are not so obedient like in other countries.
We may even see separate regions in Mexico having some kind of independence and people joining forces to create their own financial system that can include Bitcoin and crypto.

clearly this is certainly good news which has appeared on social media for the umpteenth time after a while ago, it was always bad news that happened to bitcoin, so the effect was that bitcoin was corrected very deeply and clearly this was very detrimental. then with more and more good news it is hoped that bitcoin will move up again.

maybe this is the first time that banks have been able to cooperate with bitcoin because obviously two very different systems have been brought together for an unusual transaction, because one uses an identity and the other is not needed (bitcoin). but this will make it much more interesting for banks to be able to adopt bitcoin in the banking system which is certainly easier to do. obviously this is good news to push bitcoin more trusted.

That's a power move by the Mexican government, they know how to sabotage a celebration. What's going to happen next to it though? I am pretty sure that Bitcoin was shown in a televised news in Mexico so I am pretty sure that the ban is going to make some people in Mexico feel bad about Bitcoin getting banned by their government.

very surprising the bank decided to accept Bitcoin,  but what's in my mind
1 . how do they divide the interest system
2. whether the bank will provide a median value for the bitcoin price, if it is too low the bitcoin owners will lose for sure

success will be far from expectations,  if in my opinion if it is too big a loss for bitcoin owners

1. Bitcoin is not a currency that is impacted by inflation. So I don't think that there is a need to compensate the users with interest payments, if they chose Bitcoin. Unlike fiat, whose purchasing power goes down every year due to inflation, Bitcoin is essentially a deflationary currency whose purchasing power either remains stable, or increases with time. So it doesn't make sense to allow interest payments.

2. This is problematic, since there is no centralized organization that can decide on the exchange rate. My solution is like this: If the bank opts for a particular exchange to trade its Bitcoin, then it can use the prevailing exchange rates from that platform (similar to fiat forex, the buying price and selling price may be different).

I think this is good news for all crypto lovers of mexico and whole world also. When a bank owner give such kind of announcement we can be hopeful where too many negative news around us like China not accepting crypto recent days. I think Ricardo Salinas Pliego has realize the importance of BTC for future days and hope another bank owners will follow him.

I've been observing lately many positions and actions like this. The decentralization is the most effective weapon against the old sytem, which doesn't want to loose the control. From now on countries and more countries will try to bring back this control to them using subterfuges promises that accept the digital coins in their business.

Banks know the impact and the power of this crypto financial backing, which is something never well metabolized by them. They'll fight as never before to re-take the control, but the new age currency is like computing and beyond.

The non touchable (software) and the touchable (hardware) were joined to has no limits, and perhaps no control!

If domino effects take place with this decision, it will surely brings positive impact to this entire industry.

Bitcoin already have supporters and with the addition of more  institutional business it will attract more and more people to also use this system.

Positive news is better today since those negative are dominating especially the news from China's ban.

This will make another good impact on BTC, and thanks to Ricardo Salinas Pliego, for minding the acceptance of BTC,

Perhaps, he is a man, which we can consider as a visionary, he may see a future which lies on crypto currencies.

Hoping to see more businesses and government are following.

So just how does the OP posting that equate to saying Ricardo's bank is even considering much less saying they are about to, start accepting Bitcoin?

Ans. It doesn't...

That was quick but at the same time we know that regulators despite their claims against bitcoin eventually are going to relent if enough powerful people want bitcoin to be accepted at their institutions, so it is possible that even if this does not happen now once enough rich people want bitcoin to be accepted the regulators will have no other option but to accept their demands, the question is if they will do so soon enough to be early adopters of bitcoin or they will take so much time that by the time they do it no one will care about it.

it will take time before Central Banks totally accept the existence of bitcoin and other cryptocurrencies. that's understandable as they don't have full control about its circulation.  however, as some countries are making bitcoin as legal tender and if they see a successful implementation, their people themselves will make a way how their government will accept bitcoin in their market.
we don't need to rush things here because these CBs don't know how to even regulate the usage of crypto yet. when they find a way how to at least manage the use of crypto, they will be open to it and they may even adapt the technology behind it to create their own.

This is good news that has been awaited, hopefully the effect can push the price of Bitcoin. Ricardo Salinas Pliego is one of the most influential
people in Mexico, hopefully he can influence the Mexican government to be more open to cryptocurrencies. Approaching the end of the year slowly
began to emerge good news regarding Bitcoin, it seems that many people's predictions that Bitcoin will recover soon will come true.

This is true indication of increasing market adoption. In my country the government was completely against the usage and the same caused massive blow of the market in the past. Now things have changed and there is no big restrictions. More and more number of cryptocurrency exchanges are getting developed. More the growth is the key factor to ignite a massive bull trend.

This is what also I've noticed and I don't know where OP had got such information because the ban has already been made before this.
That actually good news but the life of crypto in Mexico isn't smooth, it's off and ON.

Anyway, this is a part of the game maybe later the government will lift the ban. We can't decline such decisions knowing that Mexico has a huge number of criminal activities and if they will legalize Bitcoin that possible it will be abuse and drives to increase money laundering activities in their place.

That is really good to hear for such action will be a big implication for the acceptance of Bitcoin in Mexico that will open up the minds of the people into curiousity about thinking what is the relevance of Bitcoin adaption since banks will be starting to accept Bitcoin that many people commonly know banks are not promoting to use it (not sure if that applies into situation with other countries but here in my place that is being applied). Hearing a bank will accept Bitcoin is a good start for the people specially those who are already long enough in crypto to use the opportunity to freely use it now.

The op only interpret what he wants to hear and not what is written down it seems, can't blame him though,  everyone is always eager to hear the next big news that will happen in btc, let's hope soon banks will start given accepting btc a consideration, it will be such a big news that can make the btc price to surge really high, I hope with his influence his bank will start to put this into consideration.