Regulation News

Mexican legislators present cryptocurrency proposal

TL;DR Breakdown

• Mexico prepares for using cryptocurrency.
• Mexican lawmakers want to boost acceptance of digital assets.

Mexico wants to follow in the footsteps of its neighboring countries and adopt cryptocurrencies for legal use. Legislators will present a proposal to boost cryptocurrencies and get closer to this asset class.

The senator of Mexico’s federal government, Eduardo Murat Hinojosa, has informed through his Twitter account he will propose a legal framework for virtual currencies in the chamber. Hinojosa indicated his full support for the crypto world that has seen a very rapid growth in recent years.

Mexico wants to adopt cryptocurrency

Indira Kempis Martínez, who is the senator for the state of Nuevo León, also indicated on her Twitter account her support for this proposal. Hinojosa called Martínez her friend and affirmed that both lead the country’s transition to cryptocurrencies and the financial industry (FinTech).

Hinojosa is confident of helping Mexico enter the forefront of financial technology in the short term. Cryptocurrencies continue to move closer to mass adoption as the years go by and become a more effective payment method for merchants and consumers.

Mexican lawmakers are optimistic about adopting cryptocurrency and improving the country’s financial market. The illegal usage of cryptocurrencies in Mexico could be an obstacle and cut off the ambitions of these legislators.

According to a study from December last year, Mexican authorities have struggled to control virtual currencies. However, they have been able to identify that the Mexican cartels have adopted cryptocurrencies to keep their illicit activities running under wraps.

Cryptocurrencies are becoming more important in the financial world

The cryptocurrency, with each passing day, continues to unlock new milestones. Popular institutions like Tesla have invested in Bitcoin (BTC), which is close to becoming a legal tender digital currency as seen in El Salvador.

According to a report, El Salvador’s president, Nayib Bukele, is also promoting and lobbying the adoption of Bitcoin as a legal currency. El Salvador is the first country in the world to accept the US dollar and Bitcoin as legal tender.

After these statements by the president of El Salvador and his bullish sentiment on digital assets, Paraguay also opened its arms to promote cryptocurrency. A Paraguayan named Carlitos Rejala has commented that Paraguay seeks to integrate virtual currencies in a project that would help the country enter into financial innovation.

Carlitos Rejala also claimed that he is working with the country’s crypto community to turn Paraguay into a crypto hub.

Cryptocurrencies have become an important investment opportunity and a safe and fast payment method for buying and selling goods and services.

Mexico wants to follow in the footsteps of El Salvador and Paraguay and seek the adoption of cryptocurrencies in the country. They will continue working to turn Mexico into an important crypto market in the entire world in the near future.

This post was last modified on June 9, 2021 4:53 pm

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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