Mexico’s Central Bank Says ‘No Hurry’ on Crypto as Stablecoin Risks Loom

The Bank of Mexico (Banxico) announced in its year-end report that it will maintain a "healthy distance" between virtual assets and its financial system, signaling it is in no hurry to introduce cryptocurrency regulations. Banks and fintech firms in Mexico have been barred from offering crypto since 2021. Banxico cited several concerns, including the lack of legal tender status for virtual assets, extreme price volatility, operational and cybersecurity risks, and elevated money-laundering and consumer-protection issues. The central bank specifically highlighted the systemic risks posed by stablecoins if their usage expands without an international regulatory framework. Citing a Chainalysis report, Banxico argued that crypto adoption in Mexico remains relatively low, reinforcing its cautious stance until a homogeneous global regulatory framework exists.

(Source：CoinDesk)