Points of note:
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.
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 President of the association Fintech Mexico, Franciso Mere said,
“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.
