The First Bank In Mexico Is About to Start Accepting Bitcoin

[Vishnu.Reang]

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

Mexico’s central bank issued a statement Monday saying cryptocurrencies like bitcoin are not legal tender and are prohibited from being used in the country’s financial system. The comments came after Mexican billionaire Ricardo Salinas Pliego declared his intent over the weekend to make Banco Azteca the first lender in the country to do business in bitcoin.

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.

[perfect999]

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 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.

[Beparanf]

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.

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.

[gabbie2010]

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.

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

[slaman29]

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

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.

[randegibran]

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

[Vishnu.Reang]

If this attempt like any other becomes successful, I think it's not that impossible to say that other banks around the world will probably do the same because bankers aren't the type to let a money making opportunity that could potentially be big to just pass by.

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.

[taufik123]

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.

[tyz]

Actually that bank is mostly used in small towns where people have no option but open an account with them, that people from small towns probably have never heard of Bitcoin mainly because internet access in some areas in Mexico is almost non-existent or people just don't care about that and don't use it.

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.

[dmamigo]

Is this bank regulated by the Mexican state? If so, their goal of crypto adoption will not be possible because the Mexican government does not allow it.
There's no way an individual can go against the government because that's impossible.

https://www.coindesk.com/mexicos-treasury-secretary-confirms-cryptos-are-banned-from-financial-system

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.

[avikz]

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.




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

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.

[Vishnu.Reang]

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.

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.

[tyz]

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.

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.

[clint25n]

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

[dkbit98]

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.

[lepbagong]

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

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.

[Lorence.xD]

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.

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.

[TribalBob]

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

[bryant.coleman]

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).

[pragna]

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.