Since since last week, Mexico, too, has become the newest country to join the crypto train. In a report released by the Mexican secretary of economy, there is a very short mention mentioning the Mexican government “is studying the legality of Bitcoin, an electronic money that emerged in 2009.” This is not a first, as other countries have already jumped on the crypto phenomenon in recent years. We can only hope that Mexico will take its time and properly research the matter before jumping on the crypto train.
Despite the fact that most of us are well aware that there is a growing interest in cryptocurrencies, there are still only a few countries that have managed to regulate digital currencies. Recently, however, the Mexican government has managed to pass a bill that will legalize Bitcoin. The result will be the creation of the Bitcoin Foundation Mexico, which will aim to promote awareness about cryptocurrencies and work with the government to amend laws.
It seems like every week now, another country legalizes some form of cryptocurrency. The latest country to do so is El Salvador, where adopting digital funds into their legal framework has been under consideration for a while now. A bill before the country’s Congress has been proposed that would formally legalise Bitcoin as well as other digital currencies.. Read more about future of cryptocurrency 2021 and let us know what you think.Mexican government spokesman Eduardo Murat Hinojosa announced on Twitter that he is taking steps to encourage the adoption of bitcoin and cryptocurrencies in the country. I will promote and propose legislation on cryptocurrencies in Mexico’s lower house, Hinojosa said, explicitly mentioning bitcoin in his tweet. I will promote and offer a legal brand of crypto-currencies in Mexico in Camara diputatos #btc I will promote and propose legislation on crypto currency in the Mexican lower house #btc pic.twitter.com/zwhYOZ7KAg – Eduardo Murat Hinojosa (@eduardomurat) 8. June 2021 The decision follows the example of El Salvador, which has recognized the status of bitcoin (BTC) as legal tender. Similar intentions were expressed earlier this week by Paraguay, and now Mexico is rushing to jump on board and legalize cryptocurrencies.
Cryptocurrency cabinet output
In his tweet, Hinojosa, the current governor of Oaxaca state, also changed his profile picture to the iconic laser eyes, expressing his support for cryptocurrencies. We will lead the transition to cryptocurrencies and fintechs in Mexico, Hinojosa tweeted, stating that he plans to put Mexico first. The laser eyes symbolize the activation and growing power of Bitcoin. As such, they have become a common way for politicians to announce their support and commitment to the legalization of cryptocurrencies. In addition to Hinojosa, another government official, Senator Indira Kempis Martinez of Nuevo Leon state, also changed her profile picture and added symbolic laser eyes. Hinojosa called her a friend of the cause. https://t.co/h5iJ24TmNw pic.twitter.com/pBKVLDp7E9 – Indira Kempis of I. (@IndiraKempis) June 8, 2021 Salvadoran President Nayib Buquele and Paraguayan Congressman Carlitos Rehala have changed similar profile pictures, announcing their active role in the process of legalizing bitcoin. Meanwhile, Bukele changed his profile picture and changed the color of his laser look to blue. This has sparked a lot of curiosity in the crypto community, which has not been able to precisely decipher the symbolic message behind the president’s new profile picture and has wondered if his new image reflects his affiliation with DeFi projects.
Regulation of crypto-currencies in Mexico
In March 2018, Mexico passed a fintech law that establishes the legal framework for cryptocurrencies. The law defines cryptocurrencies as electronically stored representations of value that are used and transferred by the public as a means of payment. The Financial Technology Law has given the Mexican Central Bank (Banxico) regulatory powers over cryptocurrencies, which are exercised through the publication of secondary regulations. In addition, cryptocurrency-related services have been identified as vulnerable to money laundering, leading to rules for reporting relevant transactions that reach or exceed a fixed amount of approximately $2,800 to the Mexican government. Despite the large number of individual investors backing bitcoin, Mexican authorities have issued a number of warnings about cartels and the growing use of cryptocurrencies for money laundering operations.
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