Mexico does not intend to adopt Bitcoin (BTC)
We know that Latin America is a region where certain policies are rather favorable to cryptocurrencies. The spearhead of this small group is of course Nayib Bukele, President of El Salvador, who made his country the first to adopt BTC as legal tender.
In addition, in a region where a large proportion of inhabitants are favorable to digital assets, Argentina recently announced its intention to make Bitcoin an official currency and Uruguay wishes to promote payments in crypto-assets.
Nevertheless, one country seems to be going in the opposite direction of its neighbors: Mexico. President Andres Manuel Lopez Obrador has indeed cooled the ardor of some at a press conference, by explicitly excluding the adoption of Bitcoin as a legal tender.
👉 To read – El Salvador officially adopts Bitcoin (BTC) as legal tender
Mexican President prefers to focus on tax evasion rather than BTC
Lopez Obrador said he was not in favor of a change in the national financial system, nor a transformation of Mexico into a “Bitcoin-friendly” country. Instead, the president prefers to focus on developing mechanisms to fight tax evasion.
While President Lopez Obrador believes there is no need for BTC to interfere in Mexican society, other politicians clearly disagree. Last June, one of them pushed for the adoption of a Mexican-style “Bitcoin law”.
Likewise, Ricardo Salinas Pliego, a fairly influential Mexican billionaire, revealed that Bitcoin accounts for 10% of his cash. These voices do not seem to have been heard by Lopez Obrador, who would rather let the train pass than get on it.
Bitcoin is not of paramount importance to Mexico
Apart from the specific case of the Tonga Islands, almost all plans to adopt BTC as legal tender are concentrated in Latin America. As we know, this region suffers from fairly significant economic and societal ills, which can push governments to take the plunge.
Some of these states have given up their national currency (El Salvador, Ecuador) to adopt the US dollar. Other countries see their currencies undergo a strong devaluation, causing delirious inflation, as in Venezuela. In the latter state, the adoption of digital assets is also on the rise, according to a study.
However, Mexico is not in this situation. Its national currency, the Mexican peso, has depreciated little in recent years and inflation has fluctuated between 3 and 5% per year since 2002. Only a true believer could therefore adopt Bitcoin as legal tender in Mexico, which is not President Lopez Obrador.
👉 To go further – Inspired by El Salvador, the Kingdom of Tonga could adopt Bitcoin (BTC)
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About the author: Benjamin Allouch
Formerly a lawyer specializing in personal data and digital law, I quickly became interested in Bitcoin, blockchain technology and their legal implications. I am now an independent consultant and writer in the field of cryptocurrencies and blockchain.
All articles by Benjamin Allouch.