Market

Mexico does not accept Bitcoin as a legal currency like El Salvador

Mexican President Andrés Manuel López Obrador said the country was unlikely to follow in El Salvador’s footsteps in adopting cryptocurrencies like bitcoin as legal tender alongside fiat.

During a press conference on Thursday, Obrador called Mexico “must maintain orthodoxy in its financial management” and will not change its stance on cryptocurrencies. The Bank of Mexico and the National Banking and Securities Commission warned in June that financial institutions “cannot conduct virtual asset deals or offer them to the public,” but the president did not address the issue directly on a regular basis.

Obrador made the statement when Mexico was asked if it would follow El Salvador, where Bitcoin has been legal tender since September. He added that while Mexico has a lot of innovation in finance, it should also be aware of the problems related to tax evasion.

At least two lawmakers in Mexico have proposed introducing digital assets to “drive the transition to crypto and fintech”.

Ricardo Salinas Pliego, a billionaire and one of the richest people in Mexico, also said his bank, Banco Azteca, will study cryptocurrency adoption. While there are many individuals in the public and private sectors who support the use of cryptocurrencies, the country’s authorities reported in 2020 that coordinated money laundering involving digital assets has increased.

Other countries across Latin America seem to be taking steps towards greater adoption of crypto, but El Salvador saw a strong wave of protests before and after the introduction of Bitcoin. In September, residents burned down a Chivo kiosk selling cryptocurrencies in the country’s capital during a protest against Bukele’s policies.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Previous postThis worries investors even if Bitcoin hits $ 60,000
Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

46 mins ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

4 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

7 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

9 hours ago

This website uses cookies.