This is because the stores are not under bank regulation and do not have to protect their investors’ money

​Ricardo Salinas Pliego announced the possibility of selling bitcoins in Elektra Group

10.02.2022 - 11:15

66

2 min

What’s new? Ricardo Salinas Pliego, one of Mexico’s richest men and president of the Salinas Group, mentioned the possibility of selling bitcoin in his Elektra Group department stores. These remarks were made in a recent Tiktok video, where Salinas commented on the difficulties of integrating bitcoin with various services because of the Bank of Mexico’s regulations. However, he noted that Elektra can sell bitcoin because it is a commercial institution.

@ricardobsalinas Me pregunto mi sobrino @memosalinas7 una duda muy recurrente, que si vamos a integrar BITCOIN a la app de Banco Azteca, desgraciadamente no, y no por qué no queramos, ve la razón en este fragmento de la entrevista. #bitcoin #criptomonedas #emprendimiento #emprendedor #dinero #consejos ♬ sonido original - RicardoBSalinas

What does Salinas say? He stated that due to the regulations of the Central Bank of Mexico, his company cannot implement cryptocurrency integration in Azteca Bank’s application. From his point of view, bitcoin is not liked by public institutions and they are obliged to comply with the laws until regulations change:

“The issue with the Banco Azteca app is that the regulatory pundits won’t let us, the Bank of Mexico won’t let us, The Ministry of Finance, the National Banking Commission… the government officials won’t let us implement new services.”

How does Salinas see the sales strategy? The entrepreneur stated that the Elektra Group stores could sell bitcoin as a commodity. This is because they are not under bank regulation and do not have to protect their investors’ money:

“Elektra, being a commercial entity, is not regulated by banking authorities, it does not collect money and it does not have that problem of having to protect people’s deposits. Elektra can sell bitcoin as any merchandise, as it was a bike or a phone.”

Author:

Tatiana Darda Tatiana Darda

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