Will Mexico legalize crypto soon? Well, it will come to your surprise that Mexico has already legalized cryptocurrencies. The county made this move in 2017. Moreover, plans have been underway to regulate crypto as a virtual asset.
Cryptocurrency adoption is steadily gaining traction worldwide, with many countries having their crypto regulations in place. Currently, Mexico’s infrastructure to support crypto and blockchain is still in its infancy stage. However, there have been some positive recent developments on this front. This article will tell you everything we know so far about crypto legality in Mexico.
Legality of crypto in Mexico
There are no restrictions in Mexico regarding buying and selling cryptocurrencies. Furthermore, in Mexico, retail stores such as Grupo Elektra allow one to shop with Bitcoins. It seems like the country is on board with the use of cryptocurrencies.
The government of Mexico also hopes to develop its version of cryptocurrency by the end of 2024. The Central Bank Digital Currency launch will enable the government to have some control when it comes to cryptocurrencies.
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Mexico is not the first country that has thought of launching its crypto.USA and India also have plans to launch their crypto versions, but the plans are yet to be solid.
The country receiving cryptocurrencies with open arms doesn’t mean that crypto has not had its share of resistance. The governor of the Bank of Mexico had warned against Bitcoin.He termed it as a high-risk investment with poor store value.The president, Andres Manuel Lopez, seems to agree with the governor. He said in a statement that the country is unlikely to follow in the footsteps of its neighboring country,El Salvador. This means that the possibility of Mexico making crypto giant Bitcoin a legal tender is a dream yet to be achieved.
Moreover, financial institutions such as the national bank of Mexico and the National banking and security commission issued a statement. They said that the financial institutions were not authorized to carry out and offer general operations with virtual assets.
Bitcoin becoming a legal tender
Despite the fact that two legislators have supported making bitcoin legal tender, authorities claim that crypto causes money laundering. This is due to cartels’ use of virtual assets for money laundering. Furthermore, there were protests in neighboring countries following the legalization of bitcoin.
Financial institutions in 2019 had previously advised that there should be a fine line between cryptocurrencies and the country’s financial system.
So, will Mexico legalize crypto? The currency is legal in the country.However , there are still some undefined lines concerning crypto such as Bitcoin making the cut of being a legal tender.