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President of Mexico Denies Having Interest in Adopting Bitcoin as Legal Tender

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Andres Manuel Lopez Obrador, Mexico’s president, has rejected that the nation shows interest in making cryptocurrency legal tender. The remarks, made at a news conference held this week at the National Palace. Also indicated that the Mexican government will continue to deal with the country’s financial affairs in a conventional and orthodox manner.

Earlier this week, Mexico’s President expressed his views on bitcoin and other cryptocurrencies. Lopez Obrador rejected any interest in adopting Bitcoin as legal money, as El Salvador did earlier this year, at a press conference held at the National Palace. When a journalist raised the matter with the president, he declared:

“We will not alter in this regard. We believe it is necessary to preserve financial orthodoxy. In the financial system, we’re not going to attempt to do a lot of things differently.”

Mexico’s stance on cryptocurrency has remained unchanged as a result of the remarks. Instead, Lopez Obrador indicated that they will pay close attention to the country’s tax status. Ensuring that taxes are collected properly and that no evasion occurs.

“We’ll make sure there’s no tax evasion or preferential treatment in tax payments. That’s it.”

Cryptocurrency Issues

Mexico’s current government has a tense relationship with cryptocurrency. Back in September, the president of the Bank of Mexico, Alejandro Diaz, disputed that bitcoin was money or a reliable store of value due to its volatility. In June, Finance Minister Arturo Herrera said cryptocurrencies could not be utilised in the country’s financial system. “To keep a healthy barrier between them and the financial system”.

This hasn’t prevented individuals from learning about crypto and incorporating it into their financial portfolios and companies. Ricardo Salinas, one of the country’s wealthiest individuals, claimed that his bank, Banco Azteca, was striving to be the first in the country to accept bitcoin. Indeed, as previously stated, these remarks forced the finance minister to emphasise that cryptocurrencies must operate independently of the existing financial system.

In September, Salinas, who also owns Elektra, one of Mexico’s largest retail franchises, hinted at the possibility of accepting Bitcoin payments in their stores using the Lightning Network, a second-layer protocol that allows for lower-cost transactions.

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