• Sat. May 21st, 2022

Mexico will not legalize digital currency payments, says president

Mexico has no interest in making digital currencies legal tender, the country’s president said. In a recent press conference, President Andres Manuel Lopez Obrador said the country will keep its orthodox financial system and focus on streamlining various aspects of that system.

Since El Salvador legalized BTC payments, there has been speculation which country would be next to take the plunge. Panama and Brazil have shown the most initiatives, but no concrete measures have yet been taken. But as President Obrador made clear, it will not be Mexico.

At a press conference, the Mexican president was asked if his government plans to allow digital currency payments in the near future, to which he replied, “No. We are not going to change on this aspect. We see fit to maintain orthodoxy in the management of finances. We are not going to try to innovate a lot in the financial system.

In Mexico, an estimated 32% of the adult population is unbanked, or about 45 million, on par with the world average. President Obrador has launched a government campaign to include this segment of the population in the financial system, through initiatives such as the CoDi digital payment system.

The president believes that these initiatives will be sufficient for the country and will not need to integrate digital currencies. In addition, the government will focus on streamlining other aspects of the financial system, for example by ensuring “that there is no tax evasion and privileges in tax payments.” That’s enough.”

Although the president disagrees with digital currency payments, Mexicans have continued to embrace them quickly. According to reports, around 3.1 million Mexicans have digital currencies. Additionally, 40% of Mexican businesses intend to adopt digital currencies and blockchain in one form or another. The main exchange in the Latin American country, Bitso, reported a 342% increase in user numbers.

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