Ricardo Salinas Pliego, president of the Salinas Group, owner of the Elektra Group stores, hinted at the possibility of the stores selling bitcoin. The executive said that due to regulations from the Central Bank of Mexico, his company cannot implement cryptocurrency integration in the Azteca Bank app. However, he pointed out that Elektra could sell bitcoin because it is a commercial institution.
Ricardo Salinas Criticizes Mexico’s Crypto Regulations
Ricardo Salinas Pliego, one of Mexico’s richest men and president of the Salinas Group, has discussed the possibility of selling bitcoin at his popular Elektra Group department stores. The remarks were made in a recent Video Tiktok, where Salinas commented on the difficulties of including bitcoin in different services due to Bank of Mexico regulations. Regarding this, Salinas said:
The problem with the Banco Azteca app is that the regulatory experts won’t let us, the Bank of Mexico won’t let us, but they all are. The Ministry of Finance, the National Banking Commission… government officials will not let us.
Salinas further explained that bitcoin is not liked by these institutions and they are required to comply with the laws until the regulations change.
A possibility open in Elektra stores
Later in the clip, Salinas said Elektra Group stores could sell bitcoin as merchandise. Indeed, they are not subject to banking regulations and do not have to protect the money of their investors. The executive states:
Elektra, being a commercial entity, is not regulated by banking authorities, it does not collect 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 Pliego has been a bitcoin supporter for a long time. The executive recommended buying bitcoin last June, where he said the asset had extraordinary properties. At the same time, he informed that his bank, Banco Azteca, was working to be the first financial institution in Mexico to take and offer bitcoin financial services. However, Mexico’s finance minister, Arturo Herrera, was quick to respond to these intentions, clarifying that the use of cryptocurrencies was not permitted under the current regulations of Mexico’s financial system.
What do you think of Ricardo Salinas Pliego’s statements alluding to the possibility of selling bitcoin in Elektra group stores? Tell us in the comments section below.
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