California and New Mexico Issue Consumer Digital Currency Advisories
The California Department of Business Oversight (DBO) and the New Mexico Taxation and Revenue Department (TRD) have both issued new releases warning consumers in those states about the potential downsides of investing in digital currency. The California DBO oversees a number of financial service and product providers in California, including banks and credit unions, money transmitters, investment planners and independent escrow agents, among other entities, while the New Mexico's TRD is responsible for collecting governmental revenue. Overall, the releases take a broad look at digital....
Related News
The government of Mexico announced that the country’s central bank will issue its own digital currency. The statement of the official account of the presidency of Mexico informed that the development should be ready towards 2024, and remarked about the importance the technology has for the future of the financial structure of the country.
Banxico to Issue Digital Peso
A statement issued by the official account of the presidency of Mexico on Twitter reported that the institution was planning to issue its own digital currency. The announcement also informed that this....
Art on a boardwalk in Playas de Tijuana. Baja California has become known for certain things in recent years and decades. For one, deportees. Including veterans of the United States army who were deported from the United States. Another thing Baja is known for is craft beer, with numerous beer fests taking place all over the state. I wrote another piece recently about how US-based Uber drivers wanted nothing to do with traveling to Mexico, underscoring how many people in the US feel about Mexico. One thing Baja has not exactly been known for is its tech. Baja California is the northernmost....
Following a number of statements by other central banks regarding the dangers of digital currencies, the Bank of Mexico has issued its first statement on the issue. The bank warned the public via a statement on its website about the "the inherent risks of acquiring these assets and using them as substitutes for conventional methods of payment", though most notable were potential restrictions for domestic financial institutions, reports say. Translations of the statements suggest that financial institutions regulated in Mexico "are not authorized to use or carry out any operations with....
The number of states that have so far made public comment (or have otherwise already issued some sort of consumer/investor alert) on digital currencies is growing rapidly. Most recently, we saw that California and New Mexico officials were warning the public of potential risks, and now we can add the "Potato State" to the list. Idaho's Department of Finance on Tuesday released a guidance entitled It pays to know what's in your e-Wallet, which aims to inform citizens of the states of potential dangers one may encounter upon investing in a digital currency like bitcoin. And what better way....
Private banks in Mexico want to join efforts with the central bank of the country in the creation of a new digital currency. The president of the Mexican Bank Association (ABM) met with the governor of the Bank of Mexico to offer the help of the group of private banks for the creation of a national digital currency in the future.
Private Banks Want to Be Involved in Potential CBDC
Members of the Mexican Bank Association have stated their intention of helping the central bank of the country in the design and issuance of a potential central bank digital currency (CBDC). The....