The president of Mexico, Enrique Peña Nieto, signed on Thursday the enactment of the Law for Financial Technology Institutions , known as the Fintech Law, in the framework of the inaugural session of the 81th Banking Convention, promoted by the Association of Banks of Mexico (ABM) Coinciding with the enactment, the ABM and other financial institutions requested that the Bank of Mexico define the conditions for the use of cryptocurrencies in secondary legislation, which regulates the execution of the law.
The purpose of the Fintech Law , approved on March 1 by the Chamber of Deputies of Mexico, is to regulate the services provided by the Financial Technology Institutions (ITF), including their organization and operation. Within these services are those of collective financing, management of electronic payment funds and the commercialization of cryptocurrencies , defined by the law under the figure of virtual assets.
The use of cryptocurrencies in the payment area reflects one of its main advantages over the conventional banking system, since transactions are made directly between users, quickly, safely and with lower commissions. That is why the law is perceived as a facilitator of greater competitiveness in the financial sector , considering new types of securities that are not covered by traditional financial institutions.
Marcos Martinez, president of the ABM, told the newspaper El Financiero said the criptomonedas deal with another form of trade. “It has to do with less intervention, specifically from central banks. For that they were created and as a trend you can not avoid what future realities are, “Martinez said.
However, the executive said that does not mean that the sector does not worry about the use of cryptocurrencies and the relationship that may have with money laundering .