Lack of participation of the authority to regulate Blockchain

Block technology, known as Blockchain, has a breakthrough in terms of applications, such as smart contracts in insurance; In addition to the use cases of cryptocurrencies for sending remittances through “stable currencies”, due to the relevance that this new technology acquires, experts seek to increase disclosure and dialogue with the authority.

Within the framework of the presentation of the “Blockchain Land: The Web 3.0 Talent Encounter” event, José Rodríguez, director of Talent Land Blockchain, highlighted that the participation of the authority is still lacking to create a more specific regulation in the applications of this technology, despite the existence of the Law to Regulate Financial Technology Institutions, also known as the Fintech Law, which establishes a legal basis to regulate virtual assets.

“Companies that try to reach Mexico face this challenge, a part of cryptocurrencies is regulated, the part of how deposits, withdrawals and digitization are made; but there is nothing in the law that regulates or mentions blockchain, bitcoin, cryptocurrencies, virtual assets, we should definitely move forward and see good examples that happen in other countries”, Rodríguez pointed out.

According to what the manager referred to, the Fintech Law establishes in the section on Electronic Payment Fund Institutions (IFPE), the terms for the operation with virtual assets within said institutions.

While in the third chapter the characteristics of virtual assets are defined and it is indicated that only Financial Technology Institutions (FTIs) may operate the assets that are determined by the Bank of Mexico.

Rodríguez pointed out that in Mexico what is being done in regulatory matters in the United States, Brazil and special cases such as the one that happens in El Salvador should be observed.

“There are many companies that have specialized in various services related to applications of blockchain technology, such as facilitating remittances, speeding up the terms for international payments, this generates new opportunities for capital to flow through cryptocurrencies and stable currencies”, pointed.

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