Recent reports indicate that the Central Bank of Mexico is supporting the new laws introduced in the financial technology space. This law is in favor of introducing more regulations and control in the crypto space.
As of now, the laws seem to be only working to disable any sort of crypto-technology and crypto transactions. The laws will do this by hindering the accessibility of the local banking systems. If this is done then the crypto exchanges will eventually be shut down and halted. This will all happen by the course of action the law has taken and not by any official statements of banning crypto exchanges.
This new request to introduce more control and regulation in the crypto space comes from the Central Bank of Mexico. It is apparent that the new regulation and control in crypto space only benefits the bank. The new law is supposed to have a positive effect on the space and facilitate it but the long term effects only foreshadow the dismay of the crypto space.
The new law to be proposed intends to protect the citizens from a technology they don’t completely understand. It does this by restricting hem to use the said technology. This is a very clear example of the bank to fool the citizens into doing something that is not really beneficial to them but will benefit the bank for sure.
Fortunately, the people get to have a say in the situation as well. They are required to tell how they feel about the introduction of this new rule in the duration of sixty days.