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Mexico’s President Refuses To Accept Crypto As Legal Tender

Mexico’s President Andres Manuel López Obrador said the country is unlikely to follow in El Salvador’s footsteps by adopting cryptocurrencies such as bitcoin as legal tender.

In a press conference on October 14, Obrador, also known as AMLO, said that Mexico should “remain conservative” in its financial management and would not change its position on crypto. The Bank of Mexico and the National Banking and Securities Commission issued a statement in June warning that financial institutions were “not authorized to conduct and offer public operations with virtual assets,” but the president often did not speak directly to the subject. is of.

AMLO was responding to a reporter who asked whether Mexico would consider following the example of El Salvador, where bitcoin (BTC) has been accepted as legal tender since September. He added that although there have been many innovations in finance, Mexico should also address the issues surrounding tax evasion.

At least two lawmakers in Mexico have proposed the country to adopt digital assets “to lead the change in cryptocurrency and fintech”. Ricardo Salinas Plego, a billionaire and one of Mexico’s richest men and founder of Banco Azteca, has also said that the major bank will explore accepting cryptocurrencies. Although there are many individuals in the public and private sector in the country who support the use of crypto, officials in the country reported in 2020 that cartels were increasingly laundering funds with digital assets.

related: Bitcoin Transactions ‘Similar to Bartering’, Says Bank of Mexico Governor

Other countries in Latin America are taking steps toward greater adoption of crypto, but there has been resistance in El Salvador following President Nayib Bukele’s announcement that he would move forward with making bitcoin legal tender. In September, residents burned down a Chivo crypto kiosk in the nation’s capital city during a protest march against Bukele’s policies.

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