Mexican President Andres Manuel Lopez Obrador says the country is less likely to follow in El Salvador’s footsteps by adopting cryptocurrencies such as Bitcoin as a legal tender as well as FIT.
At a news conference Thursday, Obrador, also known as AMLO, Said Mexico must “maintain orthodoxy” in its financial management and will not change its position in 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, including virtual assets,” but the president often did not speak directly.
The AMLO was responding to a reporter who asked if Mexico would follow the example of El Salvador, where Bitcoin (BTC) has been accepted as a legal tender since September. He added that although there were many innovations in financing, Mexico also needed to be aware of the issues surrounding tax evasion.
At least two Mexican lawmakers have proposed adopting digital resources to “transform the country into crypto and fintech”. Ricardo Salinas Pligo, a millionaire and one of the richest men in Mexico and founder of Banco Aztecar The main bank will investigate the adoption of cryptocurrency. Although there are many people in the country, both public and private, who support the use of crypto, the country’s authorities reported in 2020 that cartels were increasingly smuggling funds with digital resources.
Related: Bank of Mexico governor says bitcoin transactions ‘like exchanges’
Other countries across Latin America are ostensibly taking steps to adopt crypto, but resistance has developed in El Salvador after President Naib Buckel announced he would go ahead with creating bitcoin legal tenders. In September, residents set fire to a Chivo crypto kiosk in the country’s capital during a protest rally against Buckle’s policy.
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