Mexico Bans Financial Institutions from Offering Crypto Services

Mexican central bank, Finance Ministry and the country's banking regulator have jointly issued a statement stating that the financial institutions operating in the country are not allowed to offer cryptocurrency-based services.

The top three financial authorities in Mexico stated: "Virtual assets do not constitute legal tender in Mexico nor are they currencies under the current legal framework." 

The statement further highlighted that if any financial institution in the country violates the regulations and starts offering crypto-related services, it would be subject to sanctions.

However, some countries are showing great interest in Bitcoin. El Salvador's geothermal electrical company LaGeo SV will develop a plan to build geothermal facilities, using the energy from the country's volcanoes, for Bitcoin mining in the wake of becoming the first country to make Bitcoin a legal tender. Recently, the country's president Nayib Bukele announced that the country's new Bitcoin laws will be effective from September 7. From then on, Bitcoin will be a legal tender in this country.