Bitcoin

It is an e-currency that presents novel features and stands out for its efficiency, security and ease exchange.

 

Its biggest difference, compared to other currencies, is that it is a decentralized currency, meaning that there is no regulatory authority. Bitcoin does not have a central issuer like any legal tender (dollars, euros, etc.), however, for some years the use of virtual assets has increased its acceptance by the public. The Bitcoin Network is based on a peer-to-peer system that has made possible to avoid online payments through platforms such as Paypal, Neteller, Banks, among others.

 

The Mexican regulatory law initiative on Fintech sector (Fintech or finance technology, a term used to refer to companies that offer financial services using information and communication technologies) will facilitate the use of virtual assets such as Bitcoin in Mexico.

 

According to the draft of the Financial Technology Law that was presented by the Treasury Secretary, José Antonio Meade, to the Mexican Banking Association, the Bank of Mexico (BANXICO) will define the characteristics of the virtual assets that can be used, as well as the conditions and restrictions to them.

This proposal for regulation in Mexico mainly seeks to shield the Fintech companies from money laundering and financing of terrorism.

Contact: Marcela Trujillo,

Partner

marcela.trujillo@rva.com.mx

www.rvaabogados.com
+52 55 5242.0771.