The patron banking firm appeared set to develop into the primary banking establishment to simply accept Bitcoin in Mexico
Mexico’s Banco Azteca gave the impression to be edging nearer in the direction of cryptocurrencies over the weekend when its proprietor revealed plans to enterprise into Bitcoin. Based mostly on the announcement from the proprietor Ricardo Salinas Pliego, the financial institution was headed in the direction of embracing Bitcoin. Banco Azteca is among the largest banks within the Latin American area, having operations in different international locations like Honduras, Guatemala, Panama and Peru.
Salinas, one of many richest folks in Mexico, shared on Twitter that he was backing the flagship cryptocurrency describing it as essential portfolio diversifier. The billionaire remarked that adopting Bitcoin would assist improve the funding freedom of the financial institution’s customers. Whereas he didn’t go into specifics, he pledged to share extra info later.
“Bitcoin is an effective technique to diversify your funding portfolio, and I feel that any investor ought to begin finding out about cryptocurrencies and their future. At Banco Azteca, we’re working to carry them to our purchasers and proceed selling freedom,” he stated.
The dialog resulting in the announcement began when Salinas engaged with MicroStrategy chief government Michael Saylor on the social platform. The latter shared a video wherein the Mexican businessman labels fiat forex ‘a fraud’ and ‘pungent.’
“If you’re hoping to protect your wealth for a era, [Salinas] suggests you put money into #bitcoin. The technique is easy – select the very best high quality asset you’ll find and #hodl,” Saylor wrote.
Along with recommending Bitcoin as a superb asset to incorporate in a portfolio, the Mexican businessman identified that Bitcoin is very similar to gold, besides it has extra advantages. Salinas’ involvement within the crypto sector has considerably elevated during the last yr. Final yr, he divulged that he had allotted 10% of his liquid portfolio to the crypto asset.
Nevertheless, a press release from Mexico’s Finance Minister Arturo Herrera has seemingly thrown a wrench within the financial institution founder’s works. Talking at a information convention yesterday, Herrera famous that establishments had been outlawed from dealing in cryptocurrencies. He added that the stance could be maintained for the close to time period, which suggests Banco Azteca’s plans to enterprise into Bitcoin could must be reconsidered.
“The nation’s monetary establishments aren’t authorised to hold out and supply to the general public operations with digital belongings, comparable to Bitcoin, Ether, XRP,” the assertion learn.
