President of the Salinas Group, who owns the Elektra Group outlets, Ricardo Salinas Pliego, intimated that the stores would sell bitcoin. According to the CEO, his organization is unable to integrate cryptocurrencies into the Azteca Bank app due to Central Bank of Mexico regulations. Elektra, on the other hand, might sell bitcoin because it is a business institution, he said.
Mexico’s Crypto Regulations are Criticized by Ricardo Salinas
Ricardo Salinas Pliego, the president of the Salinas Group and one of Mexico’s wealthiest men, has discussed the potential of selling bitcoin in his well-known Elektra Group department stores. The comments were made in a recent Tiktok video, in which Salinas discussed the difficulty of including bitcoin in various services due to Bank of Mexico rules. Salinas had this to say about it:
The problem with the Banco Azteca app is that the regulatory watchdogs won’t permit us, and neither will the Bank of Mexico. The Ministry of Finance, the National Banking Commission, and other government authorities are refusing to allow us to do so.
These institutions do not like bitcoin, according to Salinas, and they are obligated to follow the laws until the restrictions change.
Elektra Stores Offers An Open Possibility
Later in the video, Salinas says that Elektra Group retailers will be able to offer bitcoin as items. This is due to the fact that they are exempt from banking rules and do not have to protect their investors’ funds. The executive went on to say:
Elektra is not regulated by banking authorities, it does not collect money, and it does not have to protect people’s deposits because it is a commercial organization. Elektra may sell bitcoin like if it were a bicycle or a cellphone.
Salinas Pliego has been a long-time advocate of bitcoin. Last June, the CEO suggested buying bitcoin, claiming that the asset had unique features. At the same time, he announced that his bank, Banco Azteca, was working to become Mexico’s first financial institution to accept and offer bitcoin-based financial services. However, Mexico’s Finance Minister, Arturo Herrera, promptly responded to these plans, stating that the usage of cryptocurrency was not permitted under current financial system regulations in Mexico.
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