Mexico's president rules out accepting crypto as legal tender

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The Bank of Mexico and the National Banking and Securities Commission issued a connection earlier this twelvemonth informing fiscal institutions not to woody with integer assets, but the president has not often spoken straight connected the subject.

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Mexico's president   rules retired  accepting crypto arsenic  ineligible  tender

President of Mexico Andrés Manuel López Obrador said the state was improbable to travel successful El Salvador’s footsteps by adopting cryptocurrencies similar Bitcoin arsenic ineligible tender alongside fiat.

In an Oct. 14 property conference, Obrador, besides known arsenic AMLO, said Mexico “must support orthodoxy” successful its fiscal absorption and would not beryllium changing its presumption connected crypto. The Bank of Mexico and the National Banking and Securities Commission issued a connection successful June warning that fiscal institutions were “not authorized to transportation retired and connection to the nationalist operations with virtual assets,” but the president has not often spoken straight connected the subject.

AMLO was responding to a newsman who asked if Mexico would see pursuing the illustration of El Salvador, wherever Bitcoin (BTC) has been accepted arsenic ineligible tender since September. He added that though determination were galore innovations successful finance, Mexico should besides beryllium mindful of issues surrounding taxation evasion.

At slightest 2 lawmakers successful Mexico person proposed the state follow integer assets to “lead the displacement to crypto and fintech.” Ricardo Salinas Pliego, a billionaire and 1 of the richest radical successful Mexico arsenic good arsenic the laminitis of Banco Azteca, has besides said the major slope would beryllium exploring accepting cryptocurrencies. Though the state has galore individuals successful the nationalist and backstage assemblage who backmost the usage of crypto, authorities successful the state reported successful 2020 that cartels had been progressively laundering funds with integer assets.

Related: Bitcoin transactions ‘akin to bartering,’ Bank of Mexico politician says

Other countries crossed Latin America person seemingly been taking steps toward greater adoption of crypto, but determination has been absorption successful El Salvador pursuing President Nayib Bukele’s announcement helium would beryllium moving guardant with making Bitcoin ineligible tender. In September, residents burned a Chivo crypto kiosk successful the nation’s superior metropolis during a protestation march against Bukele’s policies.

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