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New rules in Mexico may limit cash payments to real estate



Mexico is developing rules that will cover the amount of cash that can be used to buy real estate, said Finance Minister Carlos Urzua on Friday, part of a push to reduce the use of physical currency in a country along with money laundering and corruption.

Urzua spoke at a banking conference in the resort of Acapulco and also said the government was considering rules that would require all its payments and collections to be processed electronically.

Also in discussion, the creation of incentives for professionals such as doctors, lawyers and architects to accept electronic payments over money, he said.

Almost 57 percent of people in Mexico work out of the books, according to government data. Millions lack bank accounts and an estimated 90 percent of all transactions are cash.

President Andres Manuel Lopez Obrador, who joined in December, has made it one of his priorities to pull more people into the formal economy and reduce cash in circulation to cut down on money laundering from drug trafficking and others illegal activities.


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