More and more banks, enterprises and organizations are starting to enter in the technological, cryptocurrency and blockchain world. This time, the Bank of Mexico (Banxico), started the last Wednesday with a public consultation in order to use virtual currencies to process payments.

Banxico Wants to Implement Payments in Virtual Currencies

The project that has been subject to a public consultation explains which kind of requirements are needed in order for institutions to open accounts. Moreover, issues about the payment of resources and the issuance of electronic payment funds are also mentioned.

About the matter, Banxico explained:

“[The disposition must] Establish the terms and conditions regarding the issuance of electronic payment funds referred to foreign currency or virtual assets and, in general, the realization of operations with foreign currencies, as well as the provision of the money transfer service that this Law refers to [the Fintech Law], in foreign currency.”

For example, there is a disposition that is referred to the operations made in foreign currencies or digital assets. All these institutions related to payment funds that would like to operate with these two kinds of currencies will have to ask for an authorization to the Bank of Mexico in order to do it.

Additionally, and due to the fact that regulations are growing around the world, the company will have to inform about the kinds of transactions made, the commissions that will be paid, and many other requirements.

“Also, subject to prior authorization from the Bank of Mexico, the institutions mentioned will be able to open Electronic Payment Funds Account linked to a foreign currency, as well as, where appropriate, to Digital Assets, just on behalf of natural and national legal entities, or foreign individuals residing in Mexico and that would provide their migratory status with the required document,” the Bank of Mexico informed.

In this way, the Bank of Mexico is one of many entities and banks that are trying to regulate and use virtual currencies. The truth is that blockchain technology and cryptocurrencies improve the efficiency of different institutions.

Banxico will be analyzing the comments about this topic after August 29, 2018 and will be discussing them thoroughly.


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