Banco de México recommends keeping a healthy distance with cryptocurrencies

The head of the Bank of Mexico (Banxico), Alejandro Díaz León, pointed out that although it is true that crypto assets have use or utility, he considers that the public should have a healthy distance between financial intermediation and the collaterals associated with these types of assets , in his intervention before the Finance and Public Credit Commission of the Senate of the Republic of Mexico, according to the newspaper The Millenium.

It should be noted that the meeting aimed to review the macroeconomic conditions of Mexico and the main economies of the world, with special attention to the actions taken by Banxico to promote the healthy development of the financial system and to ensure the proper functioning of the payment system. , to which Díaz also pointed out that they are seeking to empower users and promote their well-being, in the face of the pandemic caused by covid-19, which has raised new risks for the Mexican financial system, according to what was indicated by Cointelegraph.

In this sense, Díaz also pointed out that the revolution in technological matters has come to venture into means of payments and financial instruments, however, he stressed that bitcoin is not an asset that banks should receive as collateral, due to the high volatility that may have; However, he also pointed out that the design of digital currencies that pivot on the balance sheet of the Central Bank or the commercial bank could be revised, provided that they are denominated in national currency.

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Carlo Palomino
Bachelor from the National University of San Marcos (UNMSM). With interest in Digital Law and New Technologies. I endorse the phrase: "Knowledge is useful as it is shared." Contact: carlo.palomino19@gmail.com

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