Bank of Mexico says bitcoin not virtual currency
Bank of Mexico does not classify bitcoin as virtual currency. The governor of the central bank Agustin Carstens rejected the classification, arguing the term ‘currency’ comprises an inappropriate classification for bitcoin due to the cryptocurrency’s absence of central bank backing or issuance. He said cryptocurrency should fall under the governmental domain of cyber security, and not be viewed as a ‘virtual currency’ by the nation’s regulators. Carstens stated that cryptocurrencies are not necessarily immune to hacking, and argued that bitcoin’s greatest utility is the fact that it offers users anonymity – before warning that bitcoin comprises an attractive a monetary instrument to black market entities.