August 6, 2021

Bitcoin, the currency of Nations: how long before Mexico imitates El Salvador?

Bitcoin pressure has become too strong? Since El Salvador and its president, Nayib Bukele, made Bitcoin legal tender, more and more people are starting to hope that their country will do the same. Faced with mounting pressure to adopt Bitcoin, Mexican regulators are trying to put the brakes on, but for how long?

Mexican regulators sweaty over Bitcoin adoption

Spirits are heating up Mexico, after the billionaire Ricardo Salinas Pliego announced that he would do everything to ensure that the bank of his business conglomerate, the Azteca Bank, be there first bank in Mexico to accept Bitcoin.

It’s a patchwork of almost everything that Mexico comprises of financial authorities / regulators and central bankers which met urgently on Monday, June 28 to reaffirm their mistrust (hostility?) towards the king of cryptos:

“The financial authorities reiterate their warning (…) on the risks inherent in the use of so-called ‘digital assets’ as instruments of exchange, as a store of value or as any other form of investment (…) The country’s financial institutions are not allowed to carry out and offer to the public transactions with digital assets, such as bitcoin, ether, XRP and others, in order to maintain a healthy distance between them and the financial system. “

The message is clear: the tenants in place of the issuance of Mexican pesos do not want from concurrence Bitcoin or any other crypto. When we know the strong addiction of the national fiat currency with theimperialist US dollar, that remains quite paradoxical.

bad bitcoin

The question will therefore remain as to how long the Mexican financial authorities will hold out if politicians and important economic players in the country do without their “advice” (threats?). It will be all the harder if other Latin American countries, in addition to El Salvador, show the way and take the step to formalize Bitcoin as legal tender.

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