29 Sep '15, 10am

Mexico's Payment Restrictions Now Cover Bitcoin

Mexico's Payment Restrictions Now Cover Bitcoin

Mexico's Secretariat of Finance and Public Credit (SHCP) has clarified its stance on bitcoin, deeming it a means of payment whilst placing a series of restrictions on transactions involving the digital currency. Following the Bank of Mexico's warning about the use of virtual currencies last year, the SHCP said bitcoin will be subject to the same restrictions placed on some transactions involving cash or precious metals. A loosely translated version of the statement reads : "According to guidelines focused on the risks of virtual currencies issued by Grupo de Accion Financiera Internacional (GAFI), the use of virtual goods on an international level has resulted in a new way of transferring value via the Internet. For this reason, it is necessary to take action on a national level to identify and lessen the risks that any of these instruments be used to launder money or fina...

Full article: http://www.coindesk.com/mexicos-payment-restrictions-now-...

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