The crypto adoption wave moving through the South and Latin American region will not be entertained in Mexico.
At a press briefing held on Thursday, Mexican President Andrés Manuel López Obrador confirmed that the country does not plan to introduce bitcoin or any other digital currency as a legal tender.
“We are not going to change in that aspect. We think that we must maintain orthodoxy in the management of finances [and] not try to innovate much in financial management” he told reporters.
President López Obrador added that the South American country would instead devote more resources to avert tax evasion and ensure that “everyone contributes” rather than tweaking the existing financial policy to accommodate cryptocurrencies.
However, some policymakers and high-ranked citizens are on the other side of the divide regarding crypto adoption matters in Mexico.
Senator Indira Kempis Martínez of the Nuevo Leon province is a big admirer of El Salvador’s crypto journey thus far and believes that Mexico can follow in the same direction.
“When will Mexico stop with these digital lags so we can deal with our problems, why El Salvador, which has its conditions, and why not Mexico, which also has similar conditions?” she said at the 2021 Talent Land Digital event.
The founder of Grupo Elektra, Ricardo Salinas Pliego, disclosed last year that he holds bitcoin.
There were also talks of Banco Azteca, a subsidiary of Grupo Elektra, accepting bitcoin as a means of payment. But the firm later abolished the plan due to the hostile policies of Mexico’s Central bank towards crypto.
Earlier this year, the country’s apex bank and the National Banking and Securities Commission vehemently warned financial institutions and the general public to shun crypto-related transactions.