The long-awaited rules on crypto assets recently published by the central bank of Mexico have caused quite a stir. A local cryptocurrency exchange’s CEO explains to news.Bitcoin.com that “the impact goes beyond the crypto industry.” Calling it “a disaster,” he asserts that the people within the central bank “have really shown their ignorance” about cryptocurrency.
Also read: Mexico’s Central Bank Publishes ‘Catch-22’ Rules Impacting Crypto Exchanges
Central Bank Showing Ignorance
Much discussion has transpired after the Bank of Mexico (Banxico), the country’s central bank, published a circular detailing crypto-related provisions for the regulation of financial technology institutions (FTIs).
Sebastian Acosta Checa, CEO of local crypto exchange Isbit, shared with news.Bitcoin.com that the circular “says FTIs have to prevent consumers from being ‘exposed’ to the terrible ‘dangerous’ nature of virtual assets on the grounds of their ‘volatility’ and ‘complexity.’” Overall,…