“Stay away from bitcoin”: a public official for Mexico on the investment with cryptocurrencies

Key facts:

Believes that operate in the market of cryptocurrencies is only for specialists.Alert, with bitcoin the mexicans they run the risk of losing everything, as happens with the oil.Alberto Aldape Barrios, director of the Center for Research and Business Development, dependent of the State of Aguascalientes in Mexico, warned the citizens to stay away from bitcoin and other cryptocurrencies, as he believes that only people with experience of the financial and economic should dabble in the market criptoactivos.A publication in the national daily The Herald, notes that Aldape Barrios made a call to mexicans to that in the face of uncertainty in times of pandemic, do not be carried away by the financial speculation, nor be fooled by the different offers on the market from the criptodivisas. “With the criptomoneda cannot speculate because you can lose all your money in a single day. That currency is not backed by any institution”, he pointed out.The engineer, who in the past served as Secretary of Economic Development Aguascalientes state, said that in Mexico it is not recommended to invest in bitcoin or other cryptocurrencies because the management of these investments represents a high risk, so this market is only for speculators professionals.“In this time, people should be very careful with the offers that reach them from the future markets and other options in the currency market in which it can happen that happened with the oil market, where instead of winning you lose everything and in addition, you must pay”, he added.He also invited the citizens to be careful with the information they receive through social networks, many of which promise to five times the earnings of a week, but they omitted to point out that in a day you can lose everything. He added that in Mexico there is not a Futures exchange. There is only one Stock exchange, and for this reason the National Commission of Bank and Values, can not regulate operations that are generated outside of the mexican border, such as you published the referred means of communication.

On the other side of the coin

Mexico is the Latin American country that leads in the field of market regulation of the cryptocurrencies, which are legal in this territory, but under the rules laid down in the Law to Regulate the Institutions, Financial Technology, better known as the Law Fintech, which was enacted in march of 2018.The trade of bitcoin through the platform P2P LocalBitcoins, has recently seen an upturn of almost 40% in recent weeks, which may be related to the impact that the coronavirus (COVID-19) is occurring in the regional economy, a factor that may be driving more citizens to seek shelter value. In fact, a publication of Breaking News confirms that the mexican peso has depreciated 21.5% in 2020 in comparison with the dollar of the united States; while bitcoin has appreciated more than 19.7% so far this year.

Cryptocurrency Market