Bitcoin

Ricardo Salinas Pliego Tips at Elektra Group Selling bitcoin in Its Stores

elektra

Ricardo Salinas Pliego, president of the Salinas Group, owner of the Elektra Group stores, hinted at the possibility of the shops selling bitcoin. According to the Central Bank of Mexico regulations, his company is unable to integrate cryptocurrency into the Azteca Bank app. He did however point out that Elektra could still sell bitcoin because it is a commercial bank.

Ricardo Salinas Criticizes Mexico’s Crypto Regulations

Ricardo Salinas Pliego is one of the most wealthy men in Mexico, and the president of the Salinas Group. He mentioned the possibility that bitcoin could be sold in his popular Elektra Group department shops. These remarks were made in a recent Tiktok video in which Salinas discussed the difficulties involved in including bitcoin in various services due to the Bank Of Mexico regulations. Salinas responded:

The problem with the Banco Azteca App is that regulatory pundits won’t let us. The Bank of Mexico won’t let us. But they’re all of them. We won’t be allowed by the Ministry of Finance, National Banking Commission, or government officials.

Salinas explained further that bitcoin is not popular among these institutions and that they must comply with laws until new regulations are adopted.

An open possibility in Elektra Stores

Later, Salinas said that the Elektra Group stores could sell bitcoin merchandise. They aren’t subject to banking regulations and don’t need to protect their investors’ money. The executive clarified:

Elektra is not regulated by banks. It does not collect money, and does not have to protect depositors’ funds. Elektra can also sell bitcoin like any other merchandise such as a bike or phone.

Salinas Pliego is a long-standing supporter of Bitcoin. The executive recommended buying bitcoin last June, where he stated the asset had extraordinary properties. He also informed the executive that Banco Azteca was working to become the first Mexican financial institution to offer bitcoin services. 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.

What do you think about the statements of Ricardo Salinas Pliego hinting at the possibility of selling bitcoin in Elektra Group stores? Comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. He is a computer engineer by trade, and he lives in Venezuela. This has influenced him to offer a different perspective on crypto success and how it can help the underbanked and unbanked.

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USAID will change its name to the US Agency for International Humanitarian Assistance (IHA)
By using blockchain technology, it will “radically increase security, transparency, and traceability”
The revamp comes after Elon Musk’s Department of Government Efficiency (DOGE) cut USAID numbers from 10,000 to just under 300 in early February

The Trump administration reportedly wants its United States Agency for International Development (USAID) to “leverage blockchain technology” as it works on renaming the organization.

According to a report from WIRED, a government memo has been circulating among State Department officials detailing plans for USAID. In the 13-page document – first reported on by Politico – it states that as part of the revamp, USAID will change its name to US Agency for International Humanitarian Assistance (IHA).

The memo also suggests “leveraging blockchain technology” which will “radically increase security, transparency, and traceability.”

It adds: “This approach would encourage innovation and efficiency among implementing partners and allow for more flexible and responsive programming focused on tangible impact rather than simply completing activities and inputs.”

USAID staffers on leave

Since US President Donald Trump re-entered the White House, significant changes have been made to organizations in the US. One of which is USAID.

In early February, USAID staff were put on administrative leave “with the exception of designated personnel responsible for mission-critical functions,” according to a government notice.

Following the implementation of Elon Musk’s Department of Government Efficiency (DOGE), staff numbers at USAID have been cut from 10,000 to just under 300.

In a post on X in February, Musk wrote: “USAID is a criminal organization. Time for it to die.”

USAID is a criminal organization.

Time for it to die. https://t.co/sWYy6fyt1k

— Elon Musk (@elonmusk) February 2, 2025

Blockchain in humanitarian efforts

The use of blockchain in humanitarian efforts has been used before with many seeing the potential is can bring. In 2020, UNICEF invested around 135 Ethereum – about $30,000 at the time – into eight companies from seven developing countries to assist in developing prototypes and to scale their projects.

Financial services company AID:Tech turned to the payment rails of stablecoin issuer Circle to provide fraud-resistant disaster relief delivery in USDC in 2021. By doing so, they wanted to reduce inequality and increase opportunities by bringing accountability and transparency to the distribution of federal relief.

Realizing the benefits of blockchain technology, AID:Tech was the first company to use the technology to deliver international aid in 2015.