Ricardo Salinas Pliego, president of the Salinas Group, owner of the Elektra Group stores, hinted at the possibility of the shops selling bitcoin. The executive stated that due to the regulations of the Central Bank of Mexico, his company cannot implement cryptocurrency integration in the Azteca Bank app. However, he did point out that Elektra could sell bitcoin as it is a commercial institution.
Ricardo Salinas Criticizes Mexico’s Crypto Regulations
Ricardo Salinas Pliego, one of the richest men in Mexico and president of the Salinas Group, mentioned the possibility of selling bitcoin in his popular Elektra Group department stores. The remarks were made in a recent Tiktok video, where Salinas commented about the difficulties of including bitcoin in different services due to the regulations of the Bank Of Mexico. On this, Salinas stated:
The issue with the Banco Azteca app is that the regulatory pundits won’t let us, the Bank of Mexico won’t let us, but they’re all of them. The Ministry of Finance, the National Banking Commission… the government officials won’t let us.
Salinas further explained that bitcoin is not liked by these institutions, and they are bound to comply with the laws until regulations change.
An Open Possibility in Elektra Stores
Later in the clip, Salinas stated that stores of the Elektra Group could sell bitcoin as merchandise. This is because they are not under banking regulations, and don’t have to protect the money of their investors. The executive clarified:
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.
Salinas Pliego has been a supporter of bitcoin since long ago. The executive recommended buying bitcoin last June, where he stated 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 financial services in bitcoin. However, the Finance Minister of Mexico, Arturo Herrera, quickly answered these intentions, clarifying that the use of cryptocurrencies was not allowed under the current regulations of the Mexican financial system.