Central Bank of Mexico Calls Bitcoin Exchange CEO for Grilling

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Central Bank of Mexico Calls Bitcoin Exchange CEO for Grilling

ForexMinute.com – Mexican Bitcoin Exchange CoinCove.co CEO Tomas Alvarez Melis today published a post on Reddit forums, describing that he has been called by the Central Bank of Mexico for grilling on AML, terrorism financing, tax evasion, etc.

The man simply asked the suggestions from other users and economy experts to make his case stronger against the lawmakers, saying that he is expecting a “tough meeting” and needs to make perfect counter arguments to avoid anything silly. “I am aware that the market cap of Bitcoin is very small to do any serious money laundering,” he wrote, “and that it is way less hassle to just do it using normal financial instruments. However, any links to studies, quotes from respectable people, etc would make my/our case much stronger.”

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The CEO received much help from the Reddit community in this matter, with members providing enough evidence that Bitcoin is as risky as USD if one takes the black market transactions in context. One member, who claimed to be an economist, said that Bitcoin is even much safer than the USD or Peso as its transactions are literally recorded for all perpetuity in the blockchain. While, in case of paper currencies, the movement is poorly traceable.

One other member also referred to the very famous statement made by the US undersecretary for terrorism and financial intelligence David S. Cohen, who said that the terrorists mostly are dependent on real currencies to pay their day to day expenses, such as salaries, bribes, weapons, etc.

If Coincove.co CEO considers these points worthy-to-discuss before the Mexico regulators, he can actually make his case much stronger like he expected.

Earlier, Mexico government had already issued a public warning against the use of cryptocurrencies, after describing them as a threat to the country’s economy, and a catalyst to several illegal activities. The lawmakers also have restricted banks from using Bitcoins and other altcoins.

On the other hand, the country was the first ones to host ATMs that support Dogecoins and Litecoins.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com