Mexico’s president rules out accepting crypto as legal tender

President of Mexico Andrés Manuel López Obrador stated the nation was not likely to follow in El Salvador’s steps by embracing cryptocurrencies like Bitcoin as legal tender along with fiat.

In an Oct. 14 interview, Obrador, likewise understood as AMLO, stated Mexico “must maintain orthodoxy” in its monetary management and would not be altering its position on crypto. The Bank of Mexico and the National Banking and Securities Commission provided a declaration in June cautioning that banks were “not authorized to carry out and offer to the public operations with virtual assets,” however the president has actually seldom spoken straight on the topic.

AMLO was reacting to a press reporter who asked if Mexico would think about following the example of El Salvador, where Bitcoin (BTC) has actually been accepted as legal tender because September. He included that though there were numerous developments in finance, Mexico need to likewise bear in mind concerns surrounding tax evasion.

At least 2 legislators in Mexico have actually proposed the nation embrace digital possessions to “lead the shift to crypto and fintech.” Ricardo Salinas Pliego, a billionaire and among the wealthiest individuals in Mexico as well as the creator of Banco Azteca, has likewise stated the significant bank would be checking out accepting cryptocurrencies. Though the nation has numerous people in the general public and economic sector who back making use of crypto, authorities in the nation reported in 2020 that cartels had actually been progressively laundering funds with digital possessions.

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Other nations throughout Latin America have actually apparently been taking actions towards higher adoption of crypto, however there has actually been resistance in El Salvador following President Nayib Bukele’s statement he would be moving on with making Bitcoin legal tender. In September, homeowners burned a Chivo crypto kiosk in the country’s capital city throughout a demonstration march versus Bukele’s policies.