Here is the latest report that Mexican government is all set to regulate the use of crypto-currencies like Bitcoin, Ethereum in the Country.
According to a recent report, Mexico is planning to govern its fast-growing financial technology sector and the use of crypto-currencies to protect the financial interest of the consumers, under a proposed bill.
This step has been taken by the government to ensure the financial stability and prevention of money-laundering in the nation.
“This (legislation) 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,” the bill draft says.
Interestingly, the bill also proposes certain measures to govern and scrutinize companies operating with virtual currencies such as bitcoin, ethereum, and ripple. Unfortunately, the bill doesn’t provide that many details but the Central bank is expected to supervise such operations.
“The regulation is good news for all companies in this sector because … growth will be greater with clear rules,” said Luis Ruben Chavez, the founder of Mexican crowdfunding firm Yotepresto.