House” Organization” Mexico will not legislate digital currency payments, president states

Mexico has no interest in making digital currencies legal tender, the nation’s president has actually explained. In a current interview, President Andres Manuel Lopez Obrador declared that the nation would keep its orthodox monetary system and concentrate on improving various elements of this system.

Ever given that El Salvador legislated BTC payments, there has actually been speculation on which nation would be beside make the relocation. Panama and Brazil have actually revealed the most effort, however no concrete relocation has actually been made. As President Obrador made clear, it will not be Mexico.

In an interview, the Mexican president was asked if his federal government is thinking about enabling digital currency payments in the future, to which he responded, “No. We are not going to alter in this element. We choose to keep the orthodoxy in handling financial resources. We are not going to attempt to innovate a lot in the monetary system.”

In Mexico, it’s approximated that 32%of the adult population is unbanked, or about 45 million, at par with the worldwide average. President Obrador has actually introduced a federal government push to include this piece of the population in the monetary system, through such efforts as the CoDi digital payments system.

The president thinks that these efforts will suffice for the nation and will not require to incorporate digital currencies. In addition, the federal government will concentrate on improving other elements of the monetary system, such as by guaranteeing “that there is no tax evasion and opportunities in tax payments. This suffices.”

While the president isn’t onboard with digital currency payments, Mexicans have actually continued to embrace them quickly. According to reports, about 3.1 million Mexicans own digital currencies. In addition, 40%of Mexican business plan on embracing digital currencies and blockchain in some kind. The leading exchange in the Latin American nation, Bitso, reported a 342%boost in user numbers.

Watch: CoinGeek Zurich panel, Digital Technology and the Future of Banking & FInancial Services

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