The President of Mexico Says Adopting Bitcoin Is Not An Option

2021-10-15 01:01:33
Mexico Will Not Follow In El Salvador’s Footsptes

According to the news by Expansion Politica, the President of Mexico Andres Manuel Lopez Obrador firmly rejects adopting bitcoin as legal tender. This news comes after rumours about several Central and South American countries pondering whether to make bitcoin a legal tender, similarly to the situation in El Salvador.

The President of Mexico reveals during a press conference that his administration will not make any attempts whatsoever to integrate bitcoin. More specifically, he said:

We think that we must maintain orthodoxy in financial management.Andres Manuel Lopez Obrador | President of Mexico

Moreover, President Lopez Obrador claims that his number one priority is the well being of all Mexican citizens. More specifically, the purpose is to guarantee Mexicans good salaries. In addition to preventing any potential tax evasion or unreported income.

Furthermore, the President also doesn’t believe that investing in bitcoin, i.e. cryptocurrencies, will improve the economy. Quite contrary, the government opinion is that crypto can do more harm, than good.

The Central Bank Supports The President

Similar to the President, the Central Bank of Mexico rejects the idea of adopting Bitcoin. In particular, the bank made it clear a while ago that crypto is definitely not an option. Specifically, in June 2021, the bank publicly announced that crypto is ‘off-limits’ for any Mexican financial company or institution.

Consequently, this news shook the entire crypto community in Mexico. Including billionaire banker, and huge crypto supporter, Ricardo Salinas Pliego. And the latest press conference by the President only confirms their greatest fear. Mexico won’t follow in El Salvador’s footsteps.

However, the interest in crypto among many countries around the world still remains the same. In fact, Alexander Höptner, the CEO of BitMEX,  claims that in 2021 up to 5 countries will adopt Bitcoin, i.e. crypto. 

This only confirms what many financial and crypto experts predict. And that is an all-out, global crypto adoption in the years to come.

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