Mexico will regulate cryptocurrency and digital wallets

Banxico has released the rules that digital equity companies must follow, as part of its fintech law
Mexico will regulate cryptocurrency and digital wallets
Cryptocurrencies have taken the financial world by storm - Photo: Dado Ruvic/REUTERS
19/08/2018
16:00
Antonio Hernández
Mexico City
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The Bank of Mexico (Banxico) has released information about the rules that digital equity companies must follow, as part of the law that will regulate the technological financial institutions, called “fintech law”.

These companies, better known in the industry as digital wallets, will be able to carry out operations in foreign currency and cryptocurrency, and the last one will be defined and authorized by the central bank.

In the Banxico's project, it is detailed how digital wallets will operate in the Mexican market with foreign currency or cryptocurrency and will have to ask for its operation by defining its business scheme, commissions, exchange rate, among other measures.

The Bank of Mexico detailed that the companies who operate digital wallets will be able to open bank accounts in national currency, in the name of natural and legal persons, nationals or foreigners.

The central bank also defined the limit in monthly deposits that will be allowed in digital wallets. It starts from MXN $4,500.

In its law, the organism defines that the companies that operate with digital wallets and issue cards, must make sure that the cards have a chip or magnetic band, and they will allow the users to get money at ATMs in national or foreign currency, in or outside Mexico, as well as carry out payments of any kind.

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