BANXICO dismisses the establishment of cryptocurrencies as legal tender in Mexico
17 junio 2021

MEXICO

On June 16, the Bank of Mexico (BANXICO in Spanish) expressed its opposition to the establishment of cryptoassets as legal tender. This comes after El Salvador enacted a law to establish Bitcoin as a currency equivalent to the dollar. Thus the Mexican entity makes it clear that the country will not endorse a regulatory change in this sense.

The governor of BANXICO, Alejandro Díaz de León, after dismissing the possibility of this legal change mentioned that “there must be a healthy distance between cryptoassets and financial institutions”. For his part, the president of the Association of Banks of Mexico (ABM) Daniel Becker, commented that based on discussions held with BANXICO, “it is not seen that in the near future cryptocurrencies will be an element of change”.

The comments of the heads of BANXICO and the ABM are framed in the context of the enactment of the Bitcoin Law in El Salvador, which established this cryptocurrency as legal tender as of September 2021. This has generated different repercussions in the region, with legislators in Panama in favor of moving forward in a similar way.

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