Senate empowers Banxico to regulate the use of bitcoins

By Elliot Bullman

The legislation will give the Bank of Mexico, Mexico's central bank, the power to regulate firms working with cryptocurrencies.

The new law to regulate financial technology institutions, known as the 'Fintech Law' approved yesterday by the Senate, empowers the Bank of Mexico to regulate virtual assets, that is, cryptocurrencies or bitcoin.

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The Upper Chamber modified Article 30 of the provision to indicate that the central bank is the only institution that can establish the terms, terms and conditions that Fintech must observe in the event that virtual assets are transformed.

In addition Banxico must grant permission to technology companies to operate them.

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The legislation indicates that both Banxico and the National Banking and Securities Commission (CNBV) will establish the limits of resources that collective financing institutions may maintain depending on the type of client.

According to the National Commission for the Protection and Defence of Users of Financial Services (Condusef), 158 Fintech currently operate in the country, which would also be monitored from the point of view of user protection.

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The financial authorities hope that the amendments made to the proposed law that was sent, which included opinions of Cofece, the Fintech sector and banks, are sufficient and can be approved in the Chamber of Deputies and be ready before the end the current session on December 15.

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