Ricardo Salinas wants to offer Bitcoin in thousands of stores in Mexico

English Feb 16, 2022

Ricardo Salinas, one of the richest men in Mexico and president of the Salinas Group, mentioned the possibility of selling bitcoin in his popular Grupo Elektra department stores.

Salinas explained that the Banco Azteca app, which belongs to his group, cannot trade cryptocurrencies because the Bank of Mexico, the Ministry of Finance, the National Banking Commission does not allow it. In short, Bitcoin is not appreciated by regulatory authorities and Banco Azteca is obliged to abide by the laws until regulations change.

However, Ricardo also stated that Grupo Elektra stores could sell bitcoin as merchandise. That's because they are not under banking regulations and don't need to protect their investors' money.

Elektra, being a commercial entity, is not regulated by the banking authorities, does not charge money and does not have this problem of having to protect people's deposits. Elektra can sell bitcoin like any commodity, like a bicycle or a phone.

Salinas has been a longtime supporter of bitcoin. The executive recommended buying bitcoin last June, where he claimed the asset had extraordinary properties. At the same time, he reported that his bank, Banco Azteca, was working to be the first financial institution in Mexico to receive and offer financial services in bitcoin. However, the Minister of Finance of Mexico, quickly responded to these intentions, clarifying that the use of cryptocurrencies was not allowed under the current regulations of the Mexican financial system.

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Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.