Bank of Mexico Warns Public Of The Dangers Of Virtual Currencies!

[LostDutchman]

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.

[Beliathon]

A bank threatened by Bitcoin?!

*gasp*

You don't say !

[LostDutchman]

A bank threatened by Bitcoin?!

*gasp*

You don't say !

[Bit_Happy]

Can we use a few Bitcoins to warn the people about the dangers of the Bank of Mexico?

[LostDutchman]

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.

[Bit_Happy]

...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.   

[LostDutchman]

...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.   

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.

[Alley]

Seems like every day we have a new "warning".

[LostDutchman]

Seems like every day we have a new "warning".

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



My $.02.

[darkmule]

"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!

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

[LostDutchman]

"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!

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.

[Peter R]

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. 

[LostDutchman]

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.

[corebob]

I think bitcoin could potentially save a lot of people from from a lot of trouble

[pleiotropik]

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. 

[IrishFutbol]

Nothing out of the ordinary.  Governments do the same with plenty of other securities.

[amspir]

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.

[RodeoX]

Oh yes, we wouldn't want any corruption in the Mexican banking system.