Banco Azteca de Mexico seeks to be the first to adopt bitcoin in the country

Key facts:
  • For Ricardo Salinas Pliego, bitcoin is “modern gold”, but more portable.

  • In his social networks, Salinas highlighted how inflation affects the finances of Mexicans.

Ricardo Salinas Pliego, owner of Grupo Salinas, owner of Banco Azteca, stated on Twitter that in his entity they are working “to bring cryptocurrencies to our customers and continue promoting freedom.”

In a tweet published on June 27 in 2021, Salinas, considered the third richest man in Mexico, claimed that “Bitcoin is a good way to diversify your investment portfolio” and recommended investors research on cryptocurrencies and the possibilities they offer.

The post was accompanied by an image that reflects the impact of inflation on the purchasing power of consumers in recent decades. This infographic is placed next to the caption: “The dollar silently steals your purchasing power since 1913. Buy bitcoin!».

Previously that same day, Salinas had had an exchange on the same social network with Michael Saylor, CEO of MicroStrategy, a business intelligence company that has recently made headlines for its multi-million dollar purchases of bitcoin. This dialogue came from a post in which the American shared an interview in which Salinas explains his preference of cryptocurrencies over fiat money, which he described as “a fraud”.

In this regard, Saylor wrote: “If you want to preserve your wealth for an entire generation, Ricardo Salinas suggests investing in bitcoin. The strategy is simple: choose the highest quality asset you can find and hodl«.

The response of the Mexican businessman did not take long to arrive: “That is totally correct, bitcoin is the new gold, but much more portable. Carrying bitcoin is much easier than carrying gold bars in your pockets … and I know that gold lovers will attack me, ” was his message, to which he added several emojis smiley.

This view of Salinas regarding bitcoin had already been communicated by the Mexican on previous occasions. As Crypto News reported, the billionaire recently stated that it is “an asset with extraordinary properties” and that it “has international value and is traded with enormous liquidity.”

Mexico, advanced in the regulation of bitcoin and digital assets

Another sign that the adoption of new digital assets in Mexico is an important issue is the recent rise that the Financial Action Task Force (FATF) has given the country in the regulation of these assets. Thus, Mexico went from being an “obedient” country to “broadly obedient” according to the body, thanks to the “outstanding” implementation of 22 of the 40 FATF guidelines on virtual assets and service providers.

In this assessment carried out in June 2021, this body highlighted the KYC policies (acronym in English for ‘Know your customer’) that entities dedicated to this activity apply correctly in Mexico. Likewise, the risk mitigation of these operations has also been improved, the report reported by this means indicated.

Finally, as indicated in a twitter post the official Mónica Taher, Director of International Economic and Technological Affairs of El Salvador, mexican lawmakers to introduce bitcoin law in the Talent Land, a virtual conference on technology to be held from 5 to 8 July. “Change is inevitable. No matter how hard you resist, you can’t go against technology,” Taher wrote in the post.

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