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Tuesday, September 19, 2017

Mexico hands cryptocurrency control over to big banks...

Mexico is making sure they get left in the dust.

In a bill expected to be presented tomorrow, Mexico states they aim to pass regulations that would give Mexico's central bank (The Bank Of Mexico) authority to grant, or deny permission to tech companies or financial firms to operate in "virtual markets".

The stated goal of the bill is "[Mexico] recognizes the need that a sector as dynamic as that of technological innovation needs a regulatory framework that allows authorities to mitigate risks and allow for growth in a competitive environment."

But giving the central bank sole power to grant or deny access to the cryptocurrency marketplace seems to be a bold move towards exactly what those in the cryptocurrency world proudly avoid - one central government power overseeing the entire system.

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Author: Gordan Fally
New York News Desk