The law will also permit “sharing of user information by financial institutions through public application programming interfaces (APIs). Francisco Mere, president of the association Fintech Mexico, stated:
“Open banking recognizes that the information in the hands of the financial institutions is the property of the user, not the institution’s, and that it can be brought to other financial intermediaries.”
Financial institutions will, under the law, be able to use client information from large banks through APIs, as long as the users agree. Per legal news service JURIST, it will also mean that the country’s central bank, Bank of Mexico, will be allowed to decide which cryptocurrencies the country’s exchanges list. The exchanges will have one year to comply.
We like that Mexico recognizes personal ownership and revelation must be voluntary. I have to inform Mexican regulators that personal ownership of information includes our routing protocols. Our routing protocols can effect ledger entries, include those in fiat banks, they are power of attorney, they can transfer ownership.
When an account is controlled by my personal information, that is my right of ownership. The bank no longer controls my assets except as a service under contract. Central banks have to understand our intent here, else they fake themselves into coordination failure.
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