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Sunday, July 21, 2024

Bitcoin (BTC) will not be adopted as an official payment method in Mexico

At the latest press conference, the Mexican president confirmed that he does not plan to accept Bitcoin (BTC) as an official payment method. He added that the government would deal with financial matters using traditional methods.

Taxes as a solution to problems

This week, a press conference was held in Mexico. During this conference, the country’s president answered many questions from journalists.

Speaking at the National Palace, Andres Manuel Lopez Obrador shared his thoughts on Bitcoin and other cryptocurrencies. He said the government has no plans to change the financial system in the near future and introduce Bitcoin (BTC) as a legal means of payment.

The president added that the management of the economy would remain orthodox. He said that instead of studying cryptocurrency, the government intends to pay attention to the tax system in order to ensure comprehensive tax collection and stop tax evasion attempts.

Mexico will not put cryptocurrency into circulation

As Bitcoin.com reports , most Mexican government officials are negative on cryptoassets. In September of this year, the head of the Bank of Mexico , Alejandro Diaz, said that Bitcoin could not become a legitimate means of payment or investment due to volatility. In doing so, he confirmed the words of Finance Minister Arturo Herrera, who at the start of the summer said that cryptocurrency is not at all suitable for the country’s financial system.

Despite similar claims, many investors continue to explore and acquire crypto assets. One of the richest people in the country, Ricardo Salinas, said his bank Banco Azteca intends to become the first financial institution to officially start working with Bitcoin. His words prompted the finance minister to declare that cryptocurrencies should exist separately from the traditional financial system.

In September of this year, Salinas, which also owns one of Mexico’s largest retail franchises, Elektra, made it clear that its stores are preparing to accept BTC payments. To reduce costs, operations will be done with Lightning Network.

Surprisingly, despite the government bans, there are people who are not only expressing an opinion, but also trying to bring cryptocurrency into financial circulation. We will follow other decisions of Mexican officials.

Edmund Hurtt
Edmund Hurtt
Edmund is an accomplished writer whose diverse portfolio spans across various genres and subjects. With a keen eye for detail and a passion for storytelling, he effortlessly navigates through the realms of fiction, non-fiction, and journalistic pieces. As a regular contributor to City Telegraph, Edmund continues to challenge boundaries and expand horizons.

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