In Mexico, banks are not much comfortable with Cryptocurrencies.
New regulations restrict Banking services from crypto investors.The Central Bank of Mexico has added some regulations to the daily financial services offered.
- This is to restrict the services provided to cryptocurrency investors. A financial entity is required to identify all customers involved with the trading of cryptocurrencies. At which point the regular users will be sorted out from the professional users. For the participants that fall into these two categories, they will be given a demand deposit account, with extra identification data required.
- Any financial entity engaging in the use and therefore trading of cryptocurrencies must provide an accessible policy and the procedures used, in order for the prevention of any illicit proceedings from being transferred from crypto related accounts.
Apart from Mexico Central banks of India, Pakistan, etc. also threatening the crypto business by various restrictions.