The curse of crypto is that you need a lot of cash. Really a lot of cash. Like, really a lot of cash. And who is going to give that money to a bunch of strangers online without any real guarantee that it will be used for what you want it for?
In a few years, it’s widely expected that most of the world’s financial transactions will take place using a virtual currency called cryptocurrency. But not every country is ready for the embrace of cryptocurrencies.
One of the most interesting things about the cryptocurrency market is that the level of regulation is very much up in the air. Many cryptocurrencies are not backed by governments and in fact most of them are not controlled by banks or financial institutions at all. This is a good thing, but it has also brought about a bad thing: the lack of a central authority has made it harder for investors to know what they are getting into.. Read more about is cryptocurrency legal and let us know what you think.
Mexico’s third richest man, Ricardo Salinas Pliego, has reaffirmed his support for bitcoin by announcing plans to open the country’s first bank to accept bitcoin.
The 27th. In June, the Mexican billionaire expressed support for the widespread adoption of BTC on Twitter, saying his bank was working to be the first in Mexico to accept the world’s most important digital asset.
The comments come on the heels of Mr. Salinas’ overwhelming support for bitcoin, who said it was absolutely right to think of bitcoin as the new gold.
Of course I recommend using #Bitcoin and my bank and I are working to become the first bank in Mexico to accept #Bitcoin. If you want details or information, follow me on my Twitter account.
– Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
Mr. Salinas is the founder and chairman of Grupo Salinas, a Mexican business conglomerate that includes the TV and radio station TV Azteca, the consumer electronics retailer Grupo Elektra, the soccer club Mazatlan F.C., and the large local bank Banco Azteca.
Banco Azteca, which had annual revenues of $2.54 billion in 2020, operates in Mexico, Panama, Guatemala, Honduras and Peru. The company, which has operated the bank since 2002, offers consumer real estate loans, personal loans and small business loans, credit cards, mortgages and payroll systems.
According to the Bloomberg Billionaires Index, Salinas’ fortune has grown by $2.8 billion this year to $15.8 billion.
The news portal adds that Salinas said he invested 10% of his liquid portfolio in bitcoin last year. He has repeatedly confessed his adoration for the asset, including in an interview with Cointelegraph in early 2021.
Related: Mexico’s second richest man says bitcoin is the best investment he’s ever made.
In September 2020, San Francisco-based cryptocurrency exchange Kraken became the first cryptocurrency company to be licensed to operate as a bank in the United States, after obtaining a license from the cryptocurrency-friendly state of Wyoming. In October of that year, the Wyoming State Banking Board agreed to grant Avanti, a financial institution, a banking license to offer cryptocurrency-related services.
Late last year, the Office of the Comptroller of the Currency introduced legislation that would allow fintech companies to offer credit products without having to be supervised by state banking regulators. Cryptocastodian, Anchorage, became the first cryptocurrency company to be licensed under the law in January 2021.
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