Eloísa Cadenas detected a scam when investing in cryptocurrencies. He realized when he deposited 200 pesos and after a few days the site to which he had made the transfer disappeared.
“They offered to buy DIEM with a 20% discount,” he says. DIEM is the name of the cryptocurrency created by a technology association among which Meta (formerly Facebook) stands out.
“I was perfectly aware of that possibility. In fact the exploration was to know if it was real. And in the end I realized that it was not like that, but I took the risk, ”says Cadenas, director of the consulting firm CryptoFintech that frequently detects and documents cases like this.
The digital wallet to which she made the transfer managed to capture 0.21 bitcoins, which is currently equivalent to $ 9,000. That information can be known thanks to the technology of cryptocurrencies called blockchain, he explains. “Surely all the transfers they made are from people who were scammed,” he says.
For many people, investing in cryptocurrencies sounds attractive. Only during the past year bitcoin, the most well-known cryptocurrency worldwide, had a rise in value of 62%, going from $ 29,300 on December 31, 2020 to $ 47,600 on December 31, 2021, according to figures from CoinMarketCap.
This far exceeds the performance of the S&P IPC index of the Mexican Stock Exchange (which includes the 35 most important companies in the stock market), which in the same period had an increase of 20%, going from 44,066 units to 53,200.
It also leaves far behind other lower risk instruments such as cetes that a year ago paid a nominal annual rate of 4.29%, according to figures from the Bank of Mexico (Banxico).
As a consequence of the boom in cryptocurrencies, Bitso, one of the Mexican platforms that allow the acquisition of these assets, has captured 3.6 million users from 2014 to date in Mexico, Argentina and Brazil. Mexico contributes 70% of all those accounts, according to the company.
If you are one of those who want to invest in cryptocurrencies, it is essential that you know the associated risks and some measures to minimize them, suggests Cipactli Jiménez, private investor and expert in cryptocurrencies.
Mexican regulation
Food or comics are some of the goods that can be purchased with cryptocurrencies, as some companies have decided to accept these digital assets as means of payment.
However, neither bitcoin nor any other digital asset is legal tender in Mexico and therefore, the regulated institutions of the Mexican financial system are not authorized to carry out operations with this type of instruments with the general public.
But this does not mean that the sale and purchase activity is prohibited, since there are serious platforms that allow the exchange of this type of assets and that – as a result of the implementation of the Fintech Law – are regulated for the purpose of preventing money laundering, which It means that they have the supervision of the authority in this matter.
But in the field of user protection there is still a long way to go. The National Commission for the Protection and Defense of Users of Financial Services (Condusef) says that it lacks powers and tools to act in cases related to the sale of cryptocurrencies.
“This Commission only receives complaints from institutions duly registered with the National Banking and Securities Commission and Condusef, which do not contemplate transactions with cryptocurrencies,” said the institution at the request of El Economista.
Last week the federal government, through its twitter account, revealed that Banxico will have its own digital currency in circulation in 2024.
ilse.santarita@eleconomista.mx